PGA National Under Contract for $233 Million

Posted by Amanda Hicks

Updated on September 24th, 2018

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Published in Local News

The iconic PGA National Resort & Spa in Palm Beach Gardens, home to the famous Honda Classic and a choice tourism spot, is under contract with the Canadian company Brookfield Asset Management. The resort was last sold to Walton Street Capital for $170 million in 2006 and went up for sale again this June.

PGA features 339 hotel rooms, five 18-hole gold courses, and a 40,000-square-foot spa. Brookfield is purchasing the resort for $255 million, which works out to $752,212 per hotel room. If the contract goes through, PGA can expect some nice upgrades, as Brookfield makes investments in properties they plan to improve, keeping them for the long-term, unlike Walton Street.

The low-key Brookfield has many well-known assets including New York’s Brookfield Place, formerly the World Financial Center, next to the World Trade Center complex, Atlantis Paradise Beach Resort in the Bahamas, and the company just completed its acquisition of General Growth Properties, owner of Mizner Park in Boca Raton. Brookfield also owns the popular Diplomat Beach Resort in Miami Beach. 

Meanwhile, PGA closed its Champion course to renovate all 18 greens. The course will be re-opened next month and members and guests can play for about $200 a round. 

See more about PGA National Resort & Spa on their website, and check out our listings in Palm Beach Gardens to see luxurious homes for sale in the area.