Brookfield closes on PGA resort in Palm Beach Gardens for $218M

The deal marks the largest hotel sale in South Florida in 2018

Miami /
Jan.January 02, 2019 01:30 PM

PGA National Resort & Spa (Credit: Expedia and iStock)

Marking the largest hotel sale in South Florida in 2018, Brookfield Asset Management paid nearly $218 million for the PGA National Resort & Spa in Palm Beach Gardens just before the end of the year.

Property records show affiliates of Walton Street Capital sold the golf resort at 400 Avenue of the Champions to Brookfield affiliate BSREP III PBG Golf LLC. It went under contract in September, the Palm Beach Post reported at the time.

Brookfield, a Toronto-based global asset manager with more than $285 billion in assets under management, financed the purchase with a $105.6 million loan from the Royal Bank of Canada, records show.

The property, which is home to the Honda Classic Golf Tournament, includes 339 hotel rooms, a 40,000-square-foot spa, 42,000 square feet of meeting space and five 18-hole golf courses. Last year, PGA National announced it would close its Champion course over the summer to renovate all of its greens.

In 2006, developer E. Llwyd Ecclestone Jr. sold the resort to Walton Street Capital for $170 million. Walton Street Capital put the property on the market last year with Hodges Ward Elliott of Atlanta.

Brookfield has been active in South Florida, most recently paying $170.6 million for the Hilton Fort Lauderdale Marina in June.

In August, Brookfield Property Partners completed a nearly $15 billion acquisition of Chicago-based GGP.


Related Articles

arrow_forward_ios
Howard Elfman, Mauricio Umansky and Santiago Arana
The Agency returns to Palm Beach County
The Agency returns to Palm Beach County
From left: Landstar Development Group's Virginia Cepero, Rosa Eckstein Schecter, and David Serviansky along with a rendering of Avenir in Palm Beach Gardens (Getty, Landstar Development Group)
Landstar pays $57M to add 857 acres to Avenir in Palm Beach Gardens
Landstar pays $57M to add 857 acres to Avenir in Palm Beach Gardens
From left: 5200 Town Center Circle, Rockpoint Group's Bill Walton and Keith Gelb, 1221 Brickell Avenue, 100 Southeast Second Street (Rockpoint Group, Google Maps, LoopNet)
Here are South Florida’s top office sales of 2022
Here are South Florida’s top office sales of 2022
Photo illustration of ABS' Earle Altman, Gregg Schenker, Peter Burack and Steven Hornstock along with the office complex at 4200-4400 Northcorp Parkway in Palm Beach Gardens (Getty, Google Maps, ABS Partners Real Estate, LLC)
JV buys Palm Beach Gardens office complex for $38M
JV buys Palm Beach Gardens office complex for $38M
GL Homes’ Misha Ezratti the northwest corner of Avenir Drive and Coconut Boulevard
GL Homes pays $35M for lots at Avenir
GL Homes pays $35M for lots at Avenir
Amir Korangy, Michael Shvo and Jeff Greene
Michael Shvo and Jeff Greene talk distress, opportunities in office
Michael Shvo and Jeff Greene talk distress, opportunities in office
(Getty)
Palm Beach County voters approve $200M affordable housing bond
Palm Beach County voters approve $200M affordable housing bond
2169 Driftwood Circle with Frank Seminara (Getty, Michael Laurenzano)
Change up: Pitcher turned financial adviser buys in Palm Beach Gardens
Change up: Pitcher turned financial adviser buys in Palm Beach Gardens
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...