The golf course that hosts the Cognizant Classic tournament in South Florida, where some of the world’s most popular pro golfers including Rory McIlroy, Adam Scott and Rickie Fowler are past winners, has been sold to an investor group.
Henderson Park, South Street Partners and Salamander Hotels & Resorts said they bought the PGA National Resort & Spa in Palm Beach Gardens, Florida. The seller was an affiliate of Brookfield Asset Management. Financial terms were not disclosed by the companies, but the sales price was reportedly about $425 million, according to a local media report.
The 807-acre PGA National Resort complex includes six golf courses, including the Champion Course where the Cognizant Classic tournament starts on Feb. 27. PGA National Resort also includes about 5,000 single-family homes and townhouses, a 339-room hotel, several restaurants, a 40,000-square-foot spa and a sports and racquet club.
The new owners plan to add a pool and "significant enrichments" to the golf experience, according to a statement.
“Our experience executing across both premier destination resort hotels and one-of-a-kind 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,” Nick Weber, CEO of U.K.-based private equity firm Henderson Park, said in the statement.
Brookfield Hotel Properties, an affiliate of Brookfield Asset Management, recently completed a $100 million renovation of the golf complex and resort. The property opened in 1981 and has also hosted the PGA Championship, the Ryder Cup and the Senior PGA Championship. Two of the most successful golfers in history, Jack Nicklaus and Arnold Palmer, designed courses at PGA National.
Wells Fargo in 2023 issued a single-asset commercial mortgage-backed security loan on the PGA National Resort & Spa. Brookfield Hotel Properties acquired the golf complex and resort in 2018 for around $230 million, according to CoStar data.
One of the buyers of PGA National, South Street Partners, based in Charlotte, North Carolina, was part of a group that recently acquired the King & Prince golf resort in St. Simons Island, Georgia, for about $50.4 million.
For the record
Eastdil Secured advised Brookfield. Jones Day, Dentons and Morris, Manning & Martin were legal counsel.