A delayed sale of the Sawgrass Marriott Golf Resort & Spa has closed for $149M, with a new investment group promising a major overhaul of one of Florida’s premier golf resorts
The St. Johns Citizen first reported in September that the deal was back on track after a courtroom dispute between buyer DFH Land, LLC and seller CWI Sawgrass Hotel, LLC, an affiliate of Carey Watermark Investors.
The buyer group is led by Jacksonville homebuilder Patrick Zalupski, founder and CEO of Dream Finders Homes.
The joint venture now includes South Street Partners, Dream Finders Homes, sports executive Pat Battle and select equity partners, according to a press release.
The resort sits on about 66 acres in Ponte Vedra Beach next to the PLAYERS Stadium Course at TPC Sawgrass, home of THE PLAYERS Championship since 1982, and a short drive from the PGA TOUR Global Home and PGA TOUR Studios.
The property includes 351 traditional hotel rooms, 163 villas and 114,000 square feet of meeting and event space. There is also a 25,000-square-foot spa and fitness center.
The buyers also acquire the two-acre oceanfront Cabana Beach Club, which features the 1912 Ocean Bar & Rooftop.
The new owners say they plan a “comprehensive renovation” aimed at significantly elevating the resort’s offerings.
“The acquisition of Sawgrass Marriott Golf Resort & Spa is a perfect complement to our existing hotel portfolio,” said Henry Armistead, principal at South Street Partners.
Guests at the Sawgrass Marriott will continue to receive preferred access to tee times at TPC Sawgrass, the release noted.
Court records previously reviewed by The Citizen show DFH Land first agreed in December 2024 to buy the property for $325 million before the price was reduced to $265 million, with $15.25 million placed in escrow.
Closing dates were extended several times, then set for Aug. 13, when DFH Land declined to wire the remaining funds and sent a termination letter.
DFH Land claimed some of the seller’s statements about the resort were not fully accurate and that certain contractual steps were still unfinished.
Carey Watermark denied that and suggested the buyer had grown cautious after a potential joint venture with the PGA TOUR fell through.
The sides also clashed over when an amendment to the TPC Courses Agreement, which governs guest tee times, was disclosed.
Lawyers later told The Citizen the dispute had been “amicably resolved” and that the sale would proceed.
Beyond its golf pedigree, the Sawgrass Marriott is one of St. Johns County’s largest tourism engines, supporting hundreds of jobs and drawing thousands of visitors to Ponte Vedra Beach each year.
