Michael Dell’s Firm Refis South Florida Resort With $1.15B
By Julia Echikson December 12, 2025 1:06 pm
reprints
Just a year after landing a 10-figure loan, Michael Dell’s BDT & MSD Partners has refinanced the historic 1,047-room Boca Raton Resort & Club with $1.15 billion.
Citigroup and Goldman Sachs provided the financing, with the former supplying $862.5 million and the latter disbursing the rest, according to mortgage documents.
The two-year, floating-rate debt package — which includes three one-year extension options — will pay off a $1 billion refinancing loan that BDT & MSD Partners obtained last year, per Morningstar. The owner will use about $137 million of the proceeds to return equity to itself, $12 million to pay off closing costs, and about $408,000 to fund membership reserves.
Besides the hotel, the 165-acre property includes 120,000 square feet of indoor and outdoor event space, approximately 30,000 square feet of retail space, 20 food and beverage outlets, an 18-hole championship golf course, two fitness centers, 16 tennis courts, four pickleball courts, a 50,000-square-foot luxury spa and a 32-slip marina.
In 2019, MSD Partners, an investment firm backed by Dell, paid $875 million for the resort, which was built in 1926 at 501 East Camino Real. Dell’s acquisition was one of South Florida’s most expensive hospitality trades at the time.
Since the sale, the investor has spent just under $390 million to renovate the property, with plans to invest another $91 million in the next two years, according to Morningstar. The changes have boosted to historic highs the property’s average daily rate and revenue per available room, respectively up by 121 and 94 percent from pre-pandemic 2019 levels.
In 2023, the resort came under the ownership of merchant bank BDT & MSD Partners, when Dell merged MSD Partners with Byron Trott’s BDT & Company. Early this year, the resort’s owner filed plans to build an eight-story condo building with 60 units and a 142-spot underground parking garage on a 3.9-acre lot, just north of the main hotel complex and facing the 18-hole golf course. Construction has yet to start.
Julia Echikson can be reached at jechikson@commercialobserver.com.
