The 339-room resort has nine restaurants and lounges, a 34,000-sf conference wing, a 40,000-sf spa, 33,000-sf health and racquet club with 19 tennis courts, five golf courses, a Golf Digest academy and a members club. The Tampa-based Plasencia Group Inc. represented the seller in the transaction. The resort was purchased from E. Llwyd Ecclestone, the original owners and developer of the property. Walton Street's operating partners, SCS Advisors Inc., and Century Golf Partners will oversee the operations of the resort and golf facilities respectively. The acquisition price was not revealed.

Walton Street Capital plans to spend more than $25 million over the next one to two years to renovate and enhance the banquet and meeting facilities, restaurant and lounges, lobby, members clubhouse, health and racquet club, spa and pool facilities. The resort is home to the PGA Tour's Honda Classic and has hosted numerous major tournaments, including the PGA Championship and the Ryder Cup. "PGA National Resort represents a unique opportunity for us in this phase of the investment cycle. 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," says Walton Street Capital principal Jeff Quicksilver.

Dan Peek, managing director of the Plasencia Group's Regent Street affiliate, notes the complexity of the sale made the transaction a challenge. "The sale of PGA National involved more components and complexities than nearly any transaction we have worked on since the founding of our firm," Peek says. "Both buyer and seller worked diligently to bring this transaction to conclusion."

Frank Calaguire, principal at SCS says, "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."