The PGA National Resort & Spa in Palm Beach Gardens is up for grabs, according to the Palm Beach Post.
Walton Street Capital, a Chicago-based private equity firm, paid $170 million for the property in 2006 and later spent $89 million on renovations. It’s on the market with Atlanta-based Hodges Ward Elliott without an asking price.
Developer E. Llwyd Ecclestone Jr. sold the golf resort to Walton Street in 2006.
The property includes a 339-key hotel with a 40,000-square-foot spa, 42,000 square feet of meeting space and five 18-hole golf courses. The resort is home to the annual Honda Classic golf tournament.
Hotel investment sales in Palm Beach County have been picking up. In December, a Delray Beach hospitality firm paid $49 million for the Jupiter Beach Resort & Spa, and Rockbridge Capital paid $29 million for the Palm Beach Gardens Marriott. [Palm Beach Post] – Amanda Rabines