PGA National Resort & Spa Changes Ownership for $425 Million

PGA National Resort & Spa landscape with golf courses and hotel

News Summary

The PGA National Resort & Spa in Palm Beach Gardens, Florida, has been sold for approximately $425 million to a group of investors including Henderson Park and South Street Partners. Known for its luxury amenities and as host of major golf tournaments, the resort features six golf courses, a 339-room hotel, and a lavish spa. The new owners plan enhancements, including a new pool, positioning the resort as a premier destination for both golf enthusiasts and luxury seekers.

Exciting Changes Ahead at PGA National Resort & Spa After Big Sale

In an eye-popping real estate move, the PGA National Resort & Spa has officially changed hands for a whopping approximately $425 million. This stunning property, nestled in the sun-soaked paradise of Palm Beach Gardens, Florida, is now the hot new investment for a group of savvy investors that includes Henderson Park, South Street Partners, and Salamander Hotels & Resorts.

Previously owned by an affiliate of Brookfield Asset Management, this magnificent resort covers a sprawling 807 acres. Known for its luxurious amenities and as a prime host for the highly-anticipated Cognizant Classic tournament, the PGA National Resort is a golf lover’s dream. With a total of six golf courses, including the legendary Champion Course where the tournament kicks off on February 27, there’s plenty to attract not just golfing pros but enthusiasts and families too.

A Closer Look at What the Resort Has to Offer

But wait! It’s not just about golf. The resort features an impressive 339-room hotel, an array of delicious restaurants, and a lavish 40,000-square-foot spa that promises to pamper visitors from head to toe. To cater to the active lifestyle of guests, the complex also boasts a top-notch sports and racquet club.

As if that’s not enough, the PGA National Resort is part of a larger community that includes around 5,000 single-family homes and townhouses. This means that visitors can easily transition from enjoying all the luxury the resort offers to spending time in a cozy home away from home.

Big Plans for Enhancements

What’s even more exciting is what the new owners have in store. They’re rolling up their sleeves to add a sparkling new pool and implement some significant enhancements to the overall golfing experience. Their proven expertise in the hospitality sector positions them perfectly to elevate the resort’s offerings even further.

It’s worth noting that just recently, Brookfield Hotel Properties completed a massive $100 million renovation of the golf complex, making it an exceptionally prime investment for the new owners. The resort first opened its doors in 1981 and has a long history of hosting prestigious tournaments, including the PGA Championship, Ryder Cup, and Senior PGA Championship. Along with being a golfing hotspot, the designs of iconic golfers like Jack Nicklaus and Arnold Palmer can be found on some of its courses.

Optimizing the Future with Financial Backing

In 2023, in a further boost to the resort’s financial profile, Wells Fargo issued a single-asset commercial mortgage-backed security loan to assist in its operations. Before this latest sale, Brookfield Hotel Properties snagged the property in 2018 for about $230 million, showcasing how investments in luxury real estate can yield significant returns.

South Street Partners, one of the new buyers, recently showcased their appetite for golf properties by securing another resort in Georgia for approximately $50.4 million. Clearly, their strategy is paying off, as they gear up for future expansions and improvements at PGA National Resort.

The sale was supported by advisory services from Eastdil Secured and legal counsel from top firms including Jones Day, Dentons, and Morris, Manning & Martin. With new ownership at the helm, all eyes are on PGA National Resort & Spa to see how they will set a new standard for luxury and leisure in the coming years.

Stay tuned, because this resort is sure to be the center of attention for both golfing enthusiasts and luxury seekers alike!