Brookfield Selling PGA National Resort in Florida for $425M

reprints


Henderson Park is buying PGA National Resort in Palm Beach Gardens, Fla., for $425 million, Bloomberg reported

If the deal closes, it would mark South Florida’s largest hospitality transaction this year. 

SEE ALSO: UCLA Expands Again, Plans $90M Sports Medicine Redevelopment

The resort includes 350 rooms, 19 tennis courts, a 40,000-square-foot spa, a 35,000 square-foot fitness center, 60,000 square feet of event space and six championship golf courses, some which have hosted the prestigious Ryder Cup and the Honda Classic PGA tournaments. 

London-based Henderson Park has tapped Salamander Hotels & Resorts to manage the resort. 

In 2018, Brookfield Asset Management purchased the property for $232 million and spent an additional $105 million renovating the asset, adding eight food and beverage offerings and two golf courses, according to Fitch RatingsLast year, the Canadian asset manager secured a $250 million loan package that’s scheduled to mature in 2033.

The transaction would easily top billionaire Larry Ellison’s $277 million purchase of the oceanfront Eau Palm Beach Resort for the largest hospitality deal in Florida this year. Trinity Investment and Credit Suisse hold the post-pandemic record for South Florida’s largest hospitality deal, having spent $850 million for the 1,000-room Diplomat

Spokespeople for Henderson Park and Brookfield declined to comment.

Update: The story was updated to include Brookfield’s comment.

Julia Echikson can be reached at jechikson@commercialobserver.com