Brookfield Sells PGA National Resort in South Florida for About $425M

A joint venture led by private equity firm Henderson Park has closed on its $425 million purchase of the PGA National Resort in Palm Beach Gardens, Fla., according to a source familiar with the transaction.

The 807-acre property, purchased in partnership with Salamander and South Street Partners, is home to 360 hotel rooms, a 40,000-square-foot spa, and 99 golf holes, including the Champion Course, which has hosted a PGA event since 2007. The resort, at 450 Avenue of the Champions, opened in 1981. 

“Our plans include further enhancing the facilities while enriching the experience provided to our members and guests,” Rob Duckett, Henderson Park’s managing director for golf and club operations, said in a statement. 

In October, Bloomberg reported that Henderson Park was under contract to purchase the property for $425 million from Brookfield Properties. Representatives for Henderson Park did not respond to a request for comment, while a spokesperson for Brookfield declined to comment.

In 2018, the Canadian real estate heavyweight paid $232 million for the resort and embarked on a $105 million renovation of the asset, adding eight food and beverage offerings and two golf courses, according to Fitch Ratings. Last year, the investor secured a $250 million loan package that’s scheduled to mature in 2033.

Julia Echikson can be reached at jechikson@commercialobserver.com.