Investors led by computer company founder and CEO Michael Dell are buying the Boca Raton Resort & Club.
The sale price wasn’t divulged. But Blackstone’s deal with MSD Partners L.P. is expected to close by the end of the second quarter.
The company announced the agreement today, April 22. The firm is based in New York, but has offices in West Palm Beach and Santa Monica, Calif.
The property will still be managed by Waldorf Astoria Hotels & Resorts. “We look forward to working with the MSD team to further develop the Boca Raton Resort & Club experience…,” president and managing director John C. Tolbert said in the statement.
The Resort is considered an historic property in Boca. The original Cloister Inn was built in 1926 and designed by famed architect Addison Mizner. The private hotel and country club on 337 acres at 501 E. Camino Real has 1,047 hotel rooms. Two 18-hole golf course, 30 tennis courts, seven swimming pools, a 32-slip marina and 13 restaurants and bars are among the amenities.
Many of Boca’s Raton major charity functions are held at the Resort, the only Boca venue that can hold more than 1,200 people.
This isn’t MSD Partner’s first foray into hospitality. The firm and a partner bought Grand Central Terminal in 2016 and plan to redevelop the Grand Hyatt New York next door.
Among its hotel investments in Hawaii are the Four Seasons Maui and Four Seasons Hualalai, bought in 2004 in 2006 respectively.
“Boca Raton Resort & Club is irreplaceable real estate in a rapidly growing South Florida market,” Coburn Packard, an MSD partner, said in the announcement.