Old Palm Golf Club, one of Florida’s most prestigious golf communities, was recently acquired by an international group of real estate investors led by ING Clarion Development Ventures III (CDV III), a closed-end fund with approximately $200 million in equity capital managed by ING Clarion Partners. Buena Vista Hospitality Group of Orlando, an international resort development and management company, will manage the club and coordinate the marketing of the remaining real estate.
The Club and property were acquired for $30,000,000.
Old Palm Golf Club, located in the heart of Palm Beach Gardens, is an exclusive residential golf club community of 651 acres with 125 luxury residences, a Raymond Floyd Signature golf course featuring a 33-acre golf practice facility, and a 43,000 square-foot clubhouse and spa.
In addition to the Club, golf course and facilities, the acquisition included land for 145 new residential properties, the remaining balance of equity memberships, and management of the club’s current operations.
“This unique residential community combines a world-class golf facility with unparalleled amenities,” noted Doug Bowen, Portfolio Manager for CDV III. “We are proud to add Old Palm Golf Club to our portfolio.”
“Old Palm Golf Club is one of the highest caliber golf course communities in the country, both for the golf experience and the quality of service provided. New ownership is thankful for the professional staff members who have created this magnificent club and who will continue to offer their excellent service as we move forward,” said Michael H. Frost, principal of Buena Vista Hospitality Group.
Old Palm’s operations will transfer immediately.
About ING Clarion Partners
Founded in 1982, ING Clarion Partners and its affiliates manage $42 billion in assets in the private and public equity sectors of the real estate markets. ING Clarion is the Americas arm of ING Real Estate Investment Management, one of the world's leading real estate investment managers with global assets under management of more than $87 billion and operations in 21 countries. ING Real Estate Investment Management is part of ING Group, a global financial institution offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries. More information about the firm is available at www.ingclarion.com.
About Buena Vista Hospitality Group
Buena Vista Hospitality Group (BVHG), a Tampa, Florida based international resort and golf club development and management company with offices in London, Milan and Orlando got its start in the early 1970s. BVHG has managed renowned projects in the U.S.A. including PGA National Resort & Spa in Palm Beach Gardens, Fla.; LPGA International, home of the Ladies Professional Golf Association (LPGA), Daytona Beach, Fla.; and the Buena Vista Palace Resort & Spa, Walt Disney World Village.
BVHG has successfully provided a full range of development and management services for more than 50 hotels, resorts, golf communities and clubs globally. More information about BVHG can be found at www.bvhg.com.