New record ~ Boca Resort sells for nearly half a billion ☘ Hoey Team ☘ eXp Realty

Dated: June 19 2019

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A company affiliated with billionaire Michael Dell is the property’s new owner.

Palm Beach County’s iconic Boca Raton Resort & Club has been sold for nearly a half-billion dollars.

The buyer is a New York company affiliated with computer-maker Michael Dell, the billionaire entrepreneur who founded Dell Technologies.

MSD Partners completed the sale of the pink-colored property on Tuesday, according to Mary Francis, a spokeswoman for the Boca Raton Resort, one of the region’s oldest hotels, frequented by wealthy, famous and business members and guests worldwide.

The total purchase price was nearly $462 million, according to online property sales tracker The Real Deal. But that amount could not be confirmed Thursday with the Palm Beach County Clerk’s Office, which said the records were not yet available.

At that price, the sale would be one of the largest commercial real estate transactions in South Florida in recent years, according to The Real Deal. The more than 1,000-room hotel and resort was last owned by The Blackstone Group.

The Boca Raton Resort is bordered by both the Intracoastal Waterway and Atlantic Ocean and has two 18-hole golf courses, a spa, seven swimming pools, 30 tennis courts, a 32-slip marina, 13 restaurants and bars, and 200,000 square feet of meeting space. The property went through a $300 million upgrade under Blackstone, which has owned it since 2004.

Blackstone Group began shopping the resort to prospective owners in 2014, said Gregory Rumpel, managing director of Jones Lang LaSalle, Hotels & Hospitality Group in Miami, in a previous story in the South Florida Sun Sentinel.

Modeled after a Spanish castle, the original hotel was designed by famed architect, Addison Mizner. It was built in 1926.

The property will continue to be managed by Hilton under the Waldorf Astoria Hotels & Resorts brand, according to a news release by MSD Partners in April, which announced the agreement to purchase at that time.

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