Walton Street Capital announced the acquisition of PGA National Resort & Spa in Palm Beach Gardens, Fla. from E. Llwyd Ecclestone, original owner and developer of the 2,348-acre resort and golf club. Walton Street’s operating partners, SCS Advisors, Inc and Century Golf Partners will oversee the operations of the resort and golf respectively, including the 339-room resort featuring 9 restaurants and lounges and a 34,000 square foot conference wing, the 40,000 square foot Spa, 33,000 square foot Health & Racquet Club with 19 tennis courts, 5 master-designed golf courses, Golf Digest Academy and the Members Club.
“PGA National Resort represents a unique opportunity for us in this phase of the investment cycle," says Jeff Quicksilver, principal at Walton Street Capital. "With new development costs being what they are, the chance to acquire and redevelop an existing asset and unlock its true potential is very appealing. We congratulate Mr. Ecclestone for developing such a great property and we are anxious to build on that solid foundation going forward.”
Frank Calaguire, principal at SCS, added, “PGA National is a classic example of an irreplaceable asset with all the right pieces that is ripe for repositioning. We plan to enhance the value of the asset through strategic capital investments, engaged leadership, operational excellence and proven revenue generation initiatives. With the help of Century Golf Partners, we are intent on making PGA National one of the best destination golf resorts in the country.”
Walton Street plans to invest in excess of $25 million over the next 12 to 24 months to renovate and enhance the banquet and meeting facilities, restaurants and lounges, lobby, members clubhouse, health and racquet club, spa and pool experience.
Walton Street also announced the appointment of Joel Paige as vice president and managing director of PGA National Resort. Paige started Aug. 21 with complete oversight responsibilities for resort and golf operations. Paige’s experience with Doral Golf Resort & Spa, Jim McLean Enterprises and PGA Tour events, in tandem with his strong leadership, operations and strategic planning skills, weighed heavily in the decision.
“I am very excited about this extraordinary opportunity; I believe it is truly a perfect fit for all parties involved," Paige says. "Having been in this marketplace for as long as I have, in both the hospitality and the golf arenas, no one knows better than I the value of the PGA brand combined with the resort’s legendary history of professional tournament play. With a new PGA tournament and the planned capital investment there is no question that we will be able to successfully take PGA National to the next level.”
The golf facilities in combination with the fact that PGA National is now home to the PGA Tour’s Honda Classic represented a significant business opportunity for Century Golf Partners as well. Formed by former ClubCorp president Jim Hinckley and created for the purpose of acquiring and managing country clubs and golf courses, Century Golf is in partnership with Walton Street. Together they have acquired two portfolios consisting of 34 golf courses across Texas and the northeastern U.S.
“For many years I have known and respected the unique positioning of PGA National, both as a resort with an immense golf heritage and as a facility with tremendous potential,” says Hinckley, “I feel truly honored to be a part of the next chapter in it’s history. The Honda Classic is going to be significant for the resort, the guest’s golf experience and the private membership here.”
