This is how much Michael Dell paid for the 1,000-plus room Boca Raton Resort

Blackstone Group sold the 337-acre resort

Miami /
Jun.June 06, 2019 02:00 PM
Jonathan Gray, Michael Dell and Boca Raton Resort (Credit: Booking)

Jonathan Gray, Michael Dell and Boca Raton Resort (Credit: Booking)

Billionaire Michael Dell paid $461.6 million for the waterfront 1,047-room Boca Raton Resort & Club in one of the largest hotel sales in South Florida in recent years.

Property records reveal the Blackstone Group sold the 337-acre resort, at 501 East Camino Real, to Dell’s MSD Partners for nearly $441,000 per room. Goldman Sachs provided a $170 million deal to MSD Partners to finance the purchase.

The companies announced the property was under contract earlier this year, but declined to provide a purchase price at the time.

The 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. It’s managed by Hilton under the Waldorf Astoria Hotels & Resorts brand.

Jeffrey Davis and Gregory Rumpel of JLL represented Blackstone in the deal.

Blackstone invested more than $300 million into renovating the resort since it purchased it 15 years ago. It was designed by Addison Mizner.

Blackstone bought 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, as well as principals of his private investment firm, MSD Capital.

Dell was also rumored to be the buyer of 1 Hotel South Beach, a deal that fell through. The Miami Beach hotel ultimately sold to Host Hotels for $610 million, or $1.42 million per room, in February.

Blackstone made headlines this week when it paid $18.7 billion for warehouse properties spanning 179 million square feet across the U.S. It was one of the largest industrial real estate deals in history.


Related Articles

arrow_forward_ios
A photo illustration of Icon on 8's planned short-term rental hotel along with the current site at 930-950 Southwest 8th Street in Little Havana (Getty Images, Icon on 8, Google Maps)
LA developer plans Little Havana short-term rental hotel
LA developer plans Little Havana short-term rental hotel
Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
NR Investments' Ron Gottesmann and Nir Shoshani (top) and a rendering of  the development in Allapattah (NR Investments, DPZ CoDesign)
NR Investments wants to build mixed-use complex in Miami’s Allapattah
NR Investments wants to build mixed-use complex in Miami’s Allapattah
arrow_forward_ios

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

Loading...