Henderson Park, Salamander Collection and South Street Partners teamed up to purchase the PGA National Resort in Palm Beach Gardens.
The Henderson Park-led joint venture paid more than $400 million for the 807-acre property at 400 Avenue of the Champions, a source familiar with the deal told The Real Deal. The buyers declined to comment.
PGA National Resort features 360 guest rooms and six golf courses, including the Champion Course, which has hosted the PGA Tour’s The Cognizant Classic since 2007, a press release states. The courses were designed by golfing legends Jack Nicklaus, Arnold Palmer, Tom Fazio, Andy Staples and Karl Litten.
Jones Day advised Henderson Park, a London-based private equity firm led by CEO Nick Weber. Salamander is a Middleburg, Virginia-based hospitality real estate firm led by CEO Sheila Johnson, and South Street is a national private residential club and resort owner based in Charlotte, North Carolina. The firm is led by managing partners Patrick Melton, Jordan Phillips and Chris Randolph.
Eastdil Secured represented the seller, an affiliate of Toronto-based Brookfield Asset Management, led by CEO Bruce Flatt. Brookfield paid nearly $218 million for PGA National Resort in 2018. The property also features a 40,000-square-foot spa, a racquet club and six restaurants.
Brookfield recently completed a $100 million renovation, and the new owners plan on adding a new pool and “significant enrichments to the golf experience for both members and resort guests,” the release states.
In 2023, the PGA of Americas sold its longtime headquarters adjacent to the resort after the golfing association announced its move to a 600-acre campus in Frisco, Texas. New York and Boca Raton-based Blue Water Advisors paid $12.2 million for the 40,622-square-foot office building at 100 Avenue of Champions in Palm Beach Gardens.
Since its founding in 2016, Henderson Park has built a $14 billion real estate portfolio in the U.S. and Europe, the release states. Salamander’s portfolio includes the Half Moon resort in Montego Bay, Jamaica, the Aspen Meadows Resort in Aspen, Colorado and Innisbrook Resort in St. Petersburg, Florida, which also hosts an annual PGA tour event.
South Street has more than $2 billion in real estate assets under management, the release states.