South Street Partners, Dream Finders Homes, Pat Battle and other joint venture equity partners have acquired the Sawgrass Marriott Golf Resort & Spa located in Ponte Vedra Beach, Fla. Other terms and conditions were not disclosed. Battle is executive chairman of Diamond Baseball Holdings. The acquisition financing was provided by BDT & MSD Partners' affiliated funds.
The property is situated on approximately 66 acres adjacent to the Players Stadium Course at TPC Sawgrass, an irreplaceable golf destination which has hosted The Players championship annually since 1982 and minutes from the newly-delivered PGA Tour Global Home and PGA Tour Studios.
Located 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," Henry Armistead, principal, South Street Partners, said in a statement. "Alongside our investment partners, we are excited for this incredible asset to be the inaugural investment for South Street's SSP GP Fund II."