TAMPA, Fla., Sept. 11, 2006 (PRIMEZONE) -- The Plasencia Group, Inc., the leading hospitality transaction and consulting services firm, representing owners of hotels, resorts, and golf courses, served as lead advisor to the Ecclestone Organization in its sale of the 2,348-acre PGA National Resort & Spa in Palm Beach Gardens, Fla. to an affiliate of Walton Street Capital LLC.
The 339-room resort has nine restaurants and lounges, a 34,000-square-foot conference wing, a 40,000-square-foot spa, 33,000-square-foot health and racquet club with 19 tennis courts, five golf courses, a Golf Digest academy and a members club.
Walton Street Capital plans to spend more than $25 million during the next 24 months to enhance the high profile resort, according to Dan Peek, managing director of The Plasencia Group's Regent Street affiliate. Mr. Peek further noted that seller and buyer should both be commended for their efforts to execute this complex transaction. "The sale of PGA National involved more components and complexities than nearly any transaction we have worked on since the founding of our firm. Both buyer and seller worked diligently to bring this transaction to conclusion," Peek commented.
"PGA National has long been one of the true treasures of the golfing industry," Peek said. "We were honored to advise the Ecclestone Organization on this important transaction, and firmly believe that Walton Street's involvement is going to create a renaissance for the property, allowing it to unlock its potential as a leading 21st century resort."
PGA National is also home to the PGA Tour's Honda Classic and has previously hosted numerous major tournaments, including the PGA Championship and the Ryder Cup.
About The Plasencia Group, Inc.
Founded in 1993, The Plasencia Group is the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, with regional offices in Tampa, Hartford, Chicago, Dallas, Austin, Houston, Little Rock, Philadelphia, San Francisco and San Diego. In conjunction with its affiliates, Regent Street for luxury properties and Sun Hospitality Advisors for limited service properties, The Plasencia Group has provided personalized, valued-added investment opportunities and services to clients such as Prudential, Host Hotels & Resorts Corporation, Hilton Hotels Corporation and Metropolitan Life Insurance Company. The Plasencia Group offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, project management and disposition, and proprietary industry research.