PGA National is reportedly under contract to be sold to a Canadian company called Brookfield Asset Management. PGA National went up for sale earlier this year and has not been on the market since the current owner purchased it in 2006 for $170 million. Rumors speculate that Brookfield will be purchasing the property for almost double that at $233 million.
PGA National is one of the most premier resorts we have here in Palm Beach County and has also been home to the Honda Classic for the last 12 years. The resort consists of 339-hotel rooms, a 40,000 sq ft spa, 42,000 sq ft meeting space, and five 18-hole golf courses. By Brookfield purchasing the property, it will not only be owned by a powerful financial backer, but will also mean major upgrades for the property as Brookfield only acquires companies it can improve.
Despite having a new owner, PGA National will more than likely still remain the home for the Honda Classic, as well as continue to feature some of the best greens in the area. In addition to this, Brookfield will be able to cross-sell PGA National and their other properties to bring in new guests, conferences, and business opportunity.
If everything goes according to plan, Brookfield Asset Management will be the new owner of PGA National by the end of the year.
For more on this business decision, head over to the Palm Beach Post.
Sources: Palm Beach Post, PGA National Resort