Jan. 08–The last time PGA National Resort & 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 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 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.
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.
