Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort

Blackstone is selling the 337-acre waterfront resort

TRD MIAMI /
Apr.April 22, 2019 06:00 PM

Jonathan Gray, Michael Dell and Boca Raton Resort

Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group.

The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 square feet of meeting space.

MSD Partners declined to provide a sale price, but it could be one of the biggest hotel sales to close in South Florida. At $1 million a key, the property could trade for more than $1 billion.

Jeffrey Davis and Gregory Rumpel of JLL are representing Blackstone. They could not immediately be reached for comment.

Blackstone invested more than $300 million into renovating the resort, designed by Addison Mizner, since it purchased it 15 years ago. It’s managed by Hilton under the Waldorf Astoria Hotels & Resorts brand.

Blackstone picked up the Boca Raton property in 2004 in a $1.25 billion deal that also included Bahia Mar and Pier 66 in Lauderdale as well as two resorts in Naples.

MSD Partners is an investment adviser that was formed in 2009 by the Dell Technologies founder and principals of his private investment firm, MSD Capital. Dell’s firm was also rumored to be the buyer of 1 Hotel South Beach, but that deal fell through and the hotel ultimately sold to Host Hotels for $610 million, or $1.42 million per room, in February.


Related Article

arrow_forward_ios
From left: Jay Roberts, Keith Menin andRussell Galbut

Russell Galbut, Keith Menin ink deal with short-term rental operator Domio

Rendering of the Moxy Hotel, Pierre Charalambides and David Grutman (Credit: Kobi Karp)

Wynwood is getting its own Moxy hotel

Regency Hotel Miami (Credit: Google Maps)

Regency Miami near Beckham’s planned soccer complex trades for $26M

An aerial view of damage caused by Hurricane Dorian (Credit: Getty Images)

Tourism-dependent Bahamas sees uphill battle to rebuild hotels after Hurricane Dorian’s devastation

6747 Collins Avenue, Stefano Santoro, Miguel Pinto, Charlie Porchetto and Diego Colmenero

China City Construction site in North Beach sells to hotel developer for $40M

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

Daniel Lebensohn and Seabonay Beach Resort (Credit: iStock)

Seabonay Beach Resort federal lawsuit ends in $3.5M verdict

arrow_forward_ios