The historic Boca Raton Resort & Club has been sold to New York-based MSD Partners, according to a news release.
An affiliate of Blackstone (NYSE: BX) has agreed to sell the 337-acre club at 501 E. Camino Real. Built in 1926, it has 1,047 hotel rooms, two 18-hole golf courses, a 50,000-square-foot spa, seven pools, 30 tennis courts, a 32-slip marina, 13 restaurants, and 200,000 square feet of meeting space.
The Boca Raton Resort & Club will continue to be managed by Hilton under the Waldorf Astoria Hotels & Resorts brand.
“This transaction represents the beginning of a wonderful next chapter in the story of Boca Raton Resort & Club,” said John Tolbert, president and managing director of Boca Raton Resort & Club. “Since its founding, Boca Raton Resort & Club has been a truly special place, which over the years has evolved to become a premier experience for guests and members alike. We look forward to working with the MSD team to further develop the Boca Raton Resort & Club experience, rooted firmly in Addison Mizner‘s vision, to deliver a unique destination for today’s discerning traveler and our members.”
Blackstone acquired the property in 2004 through a merger with Boca Resorts Inc. that included multiple resort properties. Since the acquisition, Blackstone has invested over $300 million into the property.
“Boca Raton Resort & Club is irreplaceable real estate in a rapidly growing South Florida market,” said Coburn Packard, a partner at MSD Partners. “In each of MSD’s real estate investments, we maintain the mindset of a long-term steward, and we look forward to further enhancing the member and guest experience at what already is regarded to be a top-tier resort property.”
MSD Partners is an investment advisory firm that was spun off from MSD Capital, the private investment fund of billionaire Michael Dell, of Dell computers.
Source: South Florida Business Journal