Joint venture to purchase 66-acre resort adjacent to iconic TPC Sawgrass Stadium Course
PONTE VEDRA BEACH, Florida – South Street Partners, a leading private equity real estate investment and development firm headquartered in Charlotte and Charleston; Dream Finders Homes, a nationally recognized homebuilder headquartered in Jacksonville and the Official Home Builder of the PGA TOUR; Pat Battle, Executive Chairman of Diamond Baseball Holdings and past Chairman and CEO of IMG College; and select joint venture equity partners have acquired the Sawgrass Marriott Golf Resort & Spa.
The Property is situated on approximately 66 acres adjacent to the iconic PLAYERS Stadium Course at TPC Sawgrass, an irreplaceable golf destination which has hostedTHE PLAYERS championship annually since 1982, and just minutes from the newly delivered PGA TOUR Global Home and PGA TOUR Studios. The acquisition financing was provided by BDT & MSD Partners’ affiliated funds.
Located just three miles from Ponte Vedra Beach, the Resort is comprised of 351 hotel keys, 163 villa keys, approximately 114,000 square feet of meeting space, nine on-site Food and Beverage outlets, a 25,000 square foot full-service spa and fitness facility and the two-acre oceanfront Cabana Beach Club, which includes the popular 1912 Ocean Bar & Rooftop, with 700 members.
The JV will focus on significantly elevating the Resort offerings, with plans for a comprehensive renovation. Additionally, guests staying at the Resort have the right to book tee times up to 12 months in advance at THE PLAYERS Stadium Course and Dye’s Valley Course, TPC Sawgrass’s two championship golf courses designed by Pete Dye.
“The acquisition of Sawgrass Marriott Golf Resort & Spa is a perfect complement to our existing hotel portfolio of exceptional properties located in high-growth, Southeastern markets with A+ locations,” said Henry Armistead, Principal, South Street Partners. “Alongside our investment partners, we are excited for this incredible asset to be the inaugural investment for South Street’s SSP GP Fund II.”
Ponte Vedra Beach, known as the jewel of Florida’s Historic Coast, is famous for its world-class golf, pristine white sand beaches and luxury resorts but it is also steeped in history and culture, and offers extensive recreational opportunities with easy access to Florida’s famed Intracoastal Waterway featuring excellent boating, fishing and dining opportunities along more than 10 miles of waterway through Ponte Vedra and Palm Valley.
In addition to the area’s incredible golf offerings, residents and visitors can enjoy tennis, spas, and water activities, or relaxing on Ponte Vedra’s seven miles of unspoiled beach, some of which feature a unique pink hue from the coquina shells found in the sand.