Boca Raton Resort & Club looking to be sold
The iconic Boca Raton Resort & Club is up for sale for the second time in 10 years.
Gregory Rumpel, managing director of Jones Lang LaSalle, Hotels & Hospitality Group and who is handling the sale effort, told the Sun Sentinel that now is the perfect time to sell the historic hotel that is still in great shape.
The Blackstone Group invested more than $250 million in the resort after 10 years of ownership. The New York-based private investment group bought a handful of properties including the Boca Raton resort, Hyatt Pier 66 and Bahia Mar for $1.25 billion back in 2004.
Improvements include a $30 million renovation of more than 300 rooms in its historic Cloister building and an upcoming $1.3 million revamp of its health club and debut of its wave simulator Flow House Boca.
The resort opened in 1926 and has since grown into 1,047 guest rooms across several buildings with a private beach club, spa and two golf courses.
Resort president Rick Hayduk hopes that the next owners will continue to build on performance and improvement as South Florida’s tourism industry continues to flourish.
“They believe this is the perfect juncture for new ownership because of the strength and stability of the Resort & Club. This will allow its next owners to think and dream big, envisioning new heights and goals for which to strive,” Hayduk wrote in an email to the resort’s club premier members.