Brookfield Selling PGA National Resort in Florida for $425M
By Julia Echikson October 11, 2024 2:15 pm
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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.
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 Ratings. Last 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.
