MSD Partners, L.P. to Acquire Boca Raton Resort & Club From Blackstone Affiliate
MSD Partners, L.P. today announced that it has entered into a definitive agreement to acquire the Boca Raton Resort & Club from an affiliate of Blackstone (NYSE: BX).
Boca Raton Resort & Club is one of the premier resort destinations and private club facilities in the United States. The property, which was built in 1926, today comprises 1,047 hotel rooms across 337 acres. Its amenities include two 18-hole golf courses, a 50,000 sq. ft. spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 sq. ft. of meeting space. The property fronts both the Intracoastal Waterway and the Atlantic Ocean, where its beach extends a half mile. A perennial award-winner, the property was the beneficiary of more than $300 million in investment under Blackstone's stewardship, both preserving and enhancing this iconic resort.
Terms of the transaction, which is expected to close by the end of the second quarter, were not disclosed. The property will continue to be managed by Hilton under the Waldorf Astoria Hotels & Resorts brand. Jeffrey Davis and Gregory Rumpel of JLL Hotels & Hospitality led the marketing efforts for the resort on behalf of the seller.
"This transaction represents the beginning of a wonderful next chapter in the story of Boca Raton Resort & Club," shared 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."
Coburn Packard, a partner at MSD Partners, L.P. and co-head of MSD's real estate group, said, "Boca Raton Resort & Club is irreplaceable real estate in a rapidly growing South Florida market. 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."
Barry Sholem, a partner at MSD Partners, L.P. and co-head of MSD's real estate group, said, "This investment represents a natural extension of our portfolio of luxury hotels and resorts and complements our Four Seasons properties in Wailea and Hualalai, and the Fairmont Miramar in Santa Monica. Boca Raton Resort & Club offers an opportunity to continue to improve the customer and member offering, as we have done successfully with our other properties."
Rob Harper, Senior Managing Director at Blackstone, said, "We are proud of our investments in the Boca Raton Resort & Club and know that the best-in-class customer experience will continue under the ownership of MSD Partners."