This Florida golf course which hosts a PGA Tour event was sold to a private equity firm
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PGA National Resort & Spa in Palm Beach Gardens, Florida, has been sold to London-based private equity firm Henderson Park.
While the exact sale price was not disclosed, it was previously estimated at $425 million.
The new owners plan to further enhance the resort's facilities, which include six golf courses, a spa, and multiple restaurants.
The sale includes a partnership with luxury boutique hotel brand Salamander Hotels and club and resort community operator South Street Partners.
PALM BEACH GARDENS, Florida — PGA National Resort & Spa is under new ownership after a purchase by the London-based private equity firm Henderson Park.
As of early Monday, no deed had been filed in public records noting the sale price, and a release announcing the deal did not include a dollar figure.
But it was previously reported that the resort, golf club and signature residential community could sell for an estimated $425 million.
Henderson Park executives touted the 44-year-old resort's storied history and future potential following a recently completed $100 million renovation.
'We are very excited to be stewards of PGA National, historically one of the most dynamic golf destinations in the U.S.,' said Rob Duckett, Henderson Park managing director of golf and club operations, in a prepared statement. 'Our plans include further enhancing the facilities while enriching the experience provided to our members and guests.'
The 807-acre property at Jog Road and Florida's Turnpike in Palm Beach Gardens includes six golf courses, a 40,000-square-foot spa designed by V Starr, multiple restaurants including The Butcher's Club run by 'Top Chef' winner Jeremy Ford, and a sports and racquet club.
It will host the Cognizant Classic, part of the PGA Tour, Feb. 27-March 2.
The property was purchased in a joint venture with luxury boutique hotel brand Salamander Hotels and club and resort community operator South Street Partners.
'PGA National is one of the most iconic golf resorts in America and we are excited to share our authentic and diverse style of hospitality, which guests enjoy at our other destinations,' said Sheila Johnson, Salamander founder and CEO, in a prepared statement.
Peter Ricci, director of the hospitality and tourism management program in Florida Atlantic University's College of Business, praised the Salamander brand in a November interview.
More:Honda Classic: PGA National set for $100M renovation to hotel, club, spa
"Salamander is known for running very fine establishments," Ricci said.
About 5,000 homes are in PGA National, with high-end properties fetching upwards of $4 million, said Jeff Lichtenstein, president of the Echo Fine Properties real estate brokerage in Jupiter. Residences include homes on half-acre lots in gated communities to houses with zero-lot lines.
Lichtenstein said the community is popular for its amenities, and he sees the resort becoming more in demand as corporations opening offices in West Palm Beach, and a planned campus of Vanderbilt University, need places to host events.
"With the amount of wealth and political activity, there are going to be limited facilities for banquets and golf outings," Lichtenstein said. "There are only so many holes at The Breakers and only so many events you can hold at Mar-a-Lago."
The seller, Toronto-based Brookfield Asset Management, paid $218 million for the resort and club in 2018. It completed $100 million in renovations to the hotel and spa and upgrades to restaurants.
Palm Beach Post staff writer Alexandra Clough contributed to this story.
Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism: Subscribe today.
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