Brookfield Asset Management Inc. ended 2018 by closing the purchase of the PGA National Resort & Spa in Palm Beach Gardens, Fla., from Walton Street Capital LLC affiliates for almost $218 million, The Real Deal reported, citing property records.
The Canadian company's BSREP III PBG Golf LLC affiliate bought the asset for less than the original reported acquisition amount of $255 million.
The deal, which marked the largest hotel sale in South Florida in 2018, was partially funded using a $105.6 million loan from the Royal Bank of Canada, the Jan. 2 report added, citing records.
The property features a 339-room hotel, a 40,000-square-foot spa, 42,000 square feet of meeting spaces and five 18-hole golf courses.
The resort previously changed hands for $170 million in 2006 when developer E. Llwyd Ecclestone Jr. sold it to Walton Street Capital, the publication reported.