PGA National Resort & Spa Sold for $425 Million

News Summary

The PGA National Resort & Spa in Florida has been sold for approximately $425 million to a new investment group, which plans enhancements and upgrades for the resort. The new owners, including Henderson Park, South Street Partners, and Salamander Hotels & Resorts, aim to elevate the experience for golf enthusiasts and vacationers alike. With plans for a new pool and updates to the golf facilities, as well as a rich history of hosting prestigious events, the resort is set to enter an exciting new chapter.

PGA National Resort & Spa Changes Hands for $425 Million, New Plans on the Horizon

A New Chapter for a Beloved Resort

Exciting changes are coming to a well-known resort in Florida, with the recent sale of the PGA National Resort & Spa finally making headlines. Purchased for around $425 million, this sprawling property has found its new owners, a savvy investor group that includes Henderson Park, South Street Partners, and Salamander Hotels & Resorts. The previous owners, affiliated with Brookfield Asset Management, are waving goodbye after a significant tenure marked by renovations and tournament hosting.

Exploring the Grounds

Situated on a whopping 807 acres, the PGA National Resort has long been a hot spot for golf enthusiasts and vacationers alike. The resort features not one, but a stunning six golf courses, with the Champion Course particularly renowned for holding the Cognizant Classic tournament, set to swing into action on February 27. For those who might not be ready to tee off, there are plenty of luxurious amenities to enjoy, including a 339-room hotel, several restaurants, a lavish 40,000-square-foot spa, and a fully-equipped sports and racquet club.

A Community within a Resort

It’s not just the golf that draws so many people to this destination. The property also boasts around 5,000 single-family homes and townhouses, creating a vibrant community atmosphere that appeals to residents and visitors alike. Whether you’re an avid golfer, a spa aficionado, or someone who simply enjoys the sunny ambiance, PGA National Resort has something for everyone.

Plans for Enhancement Galore

With new ownership comes fresh ideas, and there’s plenty of enthusiasm for the plans that the new investors have in store. They are set to introduce a new pool and integrate significant upgrades to the golf experience. Their rich background in hospitality and property management places them in a unique position to enhance what this resort already has to offer, leading to an even better experience for all who visit.

A Resort with a Rich History

This isn’t the first time PGA National has made waves in the tournament scene. Originally opening its doors in 1981, the complex has been a host for prestigious events like the PGA Championship, Ryder Cup, and Senior PGA Championship. Golf legends like Jack Nicklaus and Arnold Palmer have also left their mark by designing courses that continue to challenge and delight golfers across the board.

Investment Moving Forward

Investment in this iconic resort has not gone unnoticed. In 2023, Wells Fargo provided a substantial single-asset commercial mortgage-backed security loan to facilitate operations and improvements. Back in 2018, Brookfield Hotel Properties acquired the facility for about $230 million, and with their recent $100 million renovations to the golf complex, previous investments certainly laid a strong foundation for the newcomers to build upon.

Company Profiles of the New Owners

South Street Partners, a member of the new ownership group, is no stranger to the golfing scene. They recently added another gem to their collection, acquiring a golf resort in Georgia for about $50.4 million. This latest venture into PGA National further solidifies their reputation in the hospitality and resorts market.

Conclusion: A Bright Future Ahead

With new ownership at the helm and big plans to elevate the PGA National Resort & Spa experience, golf lovers and vacationers alike can look forward to an exciting new chapter. As the resort gears up to enhance its already stellar offerings, there’s a renewed sense of anticipation in the air. Stay tuned for what’s sure to be an exhilarating journey ahead at this iconic Florida destination!

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