PGA National Resort & Spa Sold for $425 Million

News Summary

PGA National Resort & Spa has officially changed ownership after a significant $425 million sale to an investor group including Henderson Park and Salamander Hotels. The resort, known for its rich history and luxurious amenities, promises exciting upgrades and enhancements under its new management. Previously owned by Brookfield Asset Management, the resort has undergone substantial renovations and is poised for further improvements, ensuring it remains a top destination for golf enthusiasts and vacationers alike.

PGA National Resort & Spa: A New Era Dawns After $425 Million Sale

Big news from the world of golf and luxury resorts! The iconic PGA National Resort & Spa, sprawling over an impressive 807 acres, has officially changed hands. An investor group, which includes the likes of Henderson Park, South Street Partners, and Salamander Hotels & Resorts, has swooped in to acquire the resort for approximately $425 million. This sale not only represents a significant investment but also signals exciting plans for upgrades and enhancements.

From One Management to Another

Previously owned by an affiliate of Brookfield Asset Management, which acquired it in 2018 for around $230 million, the resort has transformed in recent years. Under Brookfield’s guidance, the property underwent a spectacular $100 million renovation to enhance its golf complex and overall amenities. With a historic background that includes hosting several prestigious tournaments like the PGA Championship, Ryder Cup, and the Senior PGA Championship, PGA National remains a key player in both the golfing community and luxury hospitality.

More Than Just Golfing

The resort features a stunning range of facilities, including six fantastic golf courses—most notably the Champion Course, which is set to host the much-anticipated Cognizant Classic starting on February 27. Beyond golf, guests can indulge in various activities. The property boasts around 5,000 single-family homes and townhouses, a lavish 339-room hotel, numerous restaurants offering diverse dining experiences, a vast 40,000-square-foot spa, and a fully equipped sports and racquet club. It’s a one-stop destination for both relaxation and recreation!

Exciting Plans Ahead

The newly appointed owners have big dreams for the resort. They aim to introduce a new pool and roll out significant enhancements to the golfing experience, making it even more appealing to both seasoned golfers and newcomers alike. The expertise and background of this investment group puts them in the perfect spot to breathe new life into this already magnificent resort, promising improvements that will keep enthusiasts and families coming back for more.

Rich History and Future Potential

Originally opening its doors in 1981, PGA National Resort has built a rich legacy and captured the hearts of golf aficionados and tourists. With notable course designs by legendary players like Jack Nicklaus and Arnold Palmer, the resort offers not just a game but a piece of golfing history. Golf enthusiasts can step onto the same greens where many golfing greats have played and competed, adding to the allure of this destination.

Financial Moves and New Beginnings

In a strategic financial move, Wells Fargo even issued a single-asset commercial mortgage-backed security loan for the resort in 2023, recognizing its long-term value and potential for further growth. The involvement of experienced companies like Eastdil Secured for advisory services, along with legal counsel from top firms like Jones Day, Dentons, and Morris, Manning & Martin, showcases the meticulous planning and corporate expertise dedicated to this sale.

The Bigger Picture

Interestingly, South Street Partners, one of the partners in this new acquisition, also made headlines recently with the purchase of a golf resort in Georgia for around $50.4 million. This demonstrates a trend towards investing in golf-related properties, suggesting that the allure of golf and resort facilities captures the interest of investors eager to tap into this lucrative market.

Onward and Upward

With the new ownership, PGA National Resort & Spa is poised for an exciting future. Golf enthusiasts and vacationers alike can look forward to fresh enhancements, new attractions, and an improved experience at this luxurious haven. Stay tuned as the developments unfold, and perhaps prepare your golf bag for a wonderful day on the greens!