The Real Deal Miami

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

The deal marks the largest hotel sale in South Florida in 2018
By Katherine Kallergis | January 02, 2019 01:30PM

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.