Henderson Park, the international private equity real estate firm, has completed the acquisition of PGA National Resort in Palm Beach Gardens, Fla., from a Brookfield Asset Management private real estate fund. The acquisition price was not disclosed.
Following a recent $100 million renovation, new ownership plans further upgrades, including a new pool and enhancements to the golf experience for members and guests.
The acquisition was made through a joint venture with Salamander and South Street Partners.
“PGA National is one of the most iconic golf resorts in America and we are excited to share our authentic and diverse style of hospitality which guests enjoy at our other destinations,” Sheila Johnson, founder and CEO of Salamander said.
Originally opened in 1981, the resort features 360 guest rooms and 99 holes of championship golf, including the Champion Course, which has hosted a PGA Tour event — now called The Cognizant Classic — since 2007. The event is broadcast by NBC and The Golf Channel.
PGA National Resort offers six golf courses designed by Jack Nicklaus, Arnold Palmer, Tom Fazio, Andy Staples and Karl Litten. It has hosted major tournaments such as the 1983 Ryder Cup, the 1987 PGA Championship and multiple Senior PGA Championships.
“PGA National Resort is a storied property in a growing and highly desirable sub-market, with further opportunistic potential following a recently completed renovation,” said Nick Weber, CEO and founder of Henderson Park. “Our experience executing across both premier destination resort hotels and club memberships uniquely positions Henderson Park as the new owner, and we will work with our partners to enhance the resort’s offering into the future.”
The 807-acre property includes a 40,000-square-foot spa designed by V Starr, six dining venues — including The Butcher’s Club — and a Sports & Racquet Club.
“We are very excited to be stewards of PGA National, historically one of the most dynamic golf destinations in the US. Our plans include further enhancing the facilities while enriching the experience provided to our members and guests,” Rob Duckett, Henderson Park managing director of golf and club operations said.
Henderson Park was advised by Jones Day in the acquisition.
Founded in 2016, the Charleston, S.C.-based Henderson Park has invested more than $14 billion in building a portfolio of flagship real estate assets, with a presence in the U.S., the U.K., France, Germany, Greece, Ireland, Italy, Poland, Portugal and Spain.
