LANDMARK PGA NATIONAL RESORT, SPA FOR SALE
PALM BEACH GARDENS — The last time PGA National Resort and Spa changed hands, the Palm Beach Gardens property fetched a tidy $170 million. It’s on the market again, according to a website set up by the resort’s broker.
Walton Street Capital of Chicago bought PGA National from Palm Beach County investor Llwyd Ecclestone in 2006. Since then, the owner has spent $89 million on renovations.
The property includes 339 hotel rooms, a 40,000-square-foot spa, 42,000 square feet of meeting space and, of course, five 18-hole golf courses. The resort hosts the annual Honda Classic golf tournament, along with a number of smaller events and conferences.
Hotel broker Hodges Ward Elliott, of Atlanta, is marketing the property. The Palm Beach County Property Appraiser’s Office values the resort at $80 million, but it seems likely to trade for far more than that.
“It’s a trophy asset in a great market. I’m sure there are lots of potential buyers that would love to own it,” said Joel Paige, the former popular managing director of the property.
PGA National Resort has agreed
to host the Honda Classic through 2021. The tournament has been played at PGA National since 2007 and has grown into one of the county’s major sporting events.
One intriguing footnote: PGA National last sold during the heyday of a loophole to the state’s documentary stamp tax, and neither seller nor buyer disclosed the price in a deed. However, former President David Feder sued Ecclestone, saying he was promised $8.5 million if the property sold for more than $110 million. In the course of that suit, Feder disclosed the $170 million price tag.
Northern Palm Beach County has seen a flurry of hotel sales in recent weeks. The Jupiter Beach Resort just sold for $49 million, and the Palm Beach Gardens Marriott brought $29 million.