MSD Partners entered into a definitive agreement to acquire the 1,047-room Boca Raton Resort & Club, A Waldorf Astoria Resort from an affiliate of Blackstone. MSD did not disclose specific terms of the transaction but did say the deal is expected to close by the end of the second quarter.
Hilton will continue to manage the Florida hotel under its Waldorf Astoria Hotels & Resorts brand. JLL Hotels & Hospitality’s Jeffrey Davis and Gregory Rumpel led the marketing efforts on behalf of the resort’s seller.
“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,” Coburn Packard, a partner at MSD Partners and co-head of MSD’s real estate group, said in a statement.
The Boca Raton Resort, built in 1926, now includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars and 200,000 square feet of meeting space. While under the stewardship of Blackstone, the property underwent a more than $300 million investment.
“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,” Rob Harper, senior managing director at Blackstone, said in a statement.
The MSD real estate group has committed more than $2 billion of equity into more than 30 real estate and real estate-related transactions since its founding in 2004.