PGA National Resort & Spa in Palm Beach Gardens, Florida, soon could sell for $425 million, or about $1.3 million per hotel room, according to published reports.
The property reportedly is under contract to Henderson Park, a private equity real estate firm based in London, according to Bloomberg. It’s unclear how quickly the transaction could close.
But the sale marks the latest ownership group of the signature residential community, golf club and resort located on 800 acres off PGA Boulevard west of Florida’s Turnpike.
In 2018, Toronto-based Brookfield Asset Management paid $218 million for the resort and club, then poured more than $100 million into a hotel renovation for the resort’s signature spa, plus upgrades to its restaurants and lobby. Brookfield also boosted its six golf courses before putting the property up for sale in recent months.
If the sale to Henderson Park is completed, management of the hotel reportedly will be handled by the luxury boutique hotel brand Salamander Hotels, led by Sheila Johnson, co-founder of BET.
Representatives from Brookfield and Henderson Park declined to comment.
But Peter Ricci, director of the hospitality and tourism management programin Florida Atlantic University’s College of Business, praised the hotel’s possible upgrade to the Salamander brand.
“Salamander is known for running very fine establishments,” Ricci said.
Jeff Lichtenstein, president of the Echo Fine Properties real estate brokerage in Jupiter,…
