In a transaction that has been expected since this past Fall, London-based Henderson Park,, an international private equity real estate firm, has completed the acquisition of PGA National Resort in Palm Beach Gardens, FL., from a Brookfield Asset Management private real estate fund.
The 807-acre property was purchased in a joint venture partnership with Salamander and South Street Partners. The buying price is believed to be $425 million.
Toronto-based Brookfield bought PGA National in 2018 for a reported $218 million and spent $100 million renovating the resort and elevating its guest services, guest rooms and food and beverage operations. Under Brookfield’s ownership, PGA National returned to being one of the top resorts in the Southeast.
“PGA National Resort is a storied property in a growing and highly desirable sub-market, with further opportunistic potential following a recently completed renovation,’’ said Nick Weber, CEO and Founder of Henderson Park.Our experience executing across both premier destination resort hotels and one-of-a-kind club memberships uniquely positions Henderson Park as the new owner and we will work with our partners to enhance the resort’s offering into the future.”
Salamander, founded by billionaireSheile Johnson, will manage PGA National, which includes golf courses designed by Jack Nicklaus, Arnold Palmer, Tommy Fazio, Andy Staples and Karl Litten. The resort in February will again host the PGA Tour’s Cognizant Classic on the Nicklaus-designed Champion course, best known for the “Bear Trap’’ on the back nine. PGA National also hosted the 1983 Ryder Cup, the 1987 PGA Championship, and multiple Senior PGA Championships.
The resort also has a 40,000-square-foot spa, six culinary concepts spearheaded by The Butcher’s Club from “Top Chef” winner Jeremy Ford and Honeybelle from multiple James Beard Award nominee Lindsay Autry, and a state-of-the-art Sports and Racquet Club.
“PGA National is one of the most iconic golf resorts in America and we are excited to share our authentic and diverse style of hospitality which guests enjoy at our other destinations,’’ Johnson said.
The acquisition of PGA National Resort gives Salamander two of Florida’s more famous golf resorts, as it owns Innisbrook in Palm Harbor, FL. Innisbrook in March will host the PGA Tour’s Valspar Championship on its famed Copperhead course designed by Larry Packar
In addition to Innisbrook, Salamander, based in Middleburg, VA, has a luxury portfolio featuring the Forbes Five-Star Salamander Middleburg, an equestrian-inspired property in the Virginia countryside; Salamander Washington DC, hotel located along the capital’s Southwest waterfront; Half Moon, the storied resort in Montego Bay, Jamaica; Aspen Meadows Resort, which features sweeping views on 40 acres in Aspen’s west end; and Hotel Bennett, a spectacular grand hotel in Charleston, SC, overlooking the city’s historic Marion Square.
South Street Partners is one of the larger owners and operators of private residential club and resort communities in the United States, including Kiawah Island, Palmetto Bluff, The Cliffs, Naples Grande, Barnsley Resort, Elevation Hotel & Spa, The King and Prince Beach & Golf Resort and Residences at Salamander.