C-BONS International Golf Group announced it has acquired 22 golf properties from Walton Street Capital. Century Golf Partners, which has operated the facilities and had an ownership stake in the portfolio, will continue to operate the courses under a management contract, said Doug Howe, a partner with Century Golf Partners.
“C-BONS bought this portfolio to invest and re-invest in the courses and hold them for the long term,” Howe said.
C-BONS International Golf Group is a Nevada-based company, with funding from C-BONS, a Hong Kong investment group. It already owned four golf courses in the U.S., and a 54-hole facility in China. It acquired Stallion Mountain Golf Club, in Las Vegas, in October 2013. Stallion Mountain had been developed and owned by Bill Walters until it fell into foreclosure and closed abruptly in 2008. Steve Kerr bought the course out of foreclosure in 2011, reopened it and sold it to C-BONS. C-BONS acquired Moon Valley Country Club in Phoenix, also in 2013. That club had also fallen into financial trouble. C-BONS paid $4.5 million for the course.
It also owns Western Skies Golf Club in Gilbert, Ariz., and Tres Rios Golf Club in Goodyear, Ariz. Borders Golf Group manages the Arizona and Nevada courses. the latest acqusition expands the company’s footprint considerably.
“This portfolio is a milestone acquisition for our company,” said Randy Jones, COO of C-BONS International Golf Group in a press release. “We are pleased to expand our presence into Texas and the Northeast markets. With this portfolio as a solid foundation, we expect to continue pursuing our business plan and acquire additional strategic golf courses in the near future.”
Jones is an American who worked in China for several years and oversaw the development of several courses for C-BONS. He is now based in Nevada and oversaw the acquisition of the company’s previous courses. C-BONS had been a bidder on other deals, including the TPC courses that Club Corp acquired in the spring.
With the Century Golf portfolio, it felt the acquisition would be an easier way to build a platform in the U.S. than buying courses one at a time.
Walton Street Capital had held the portfolio for its term and was looking for an exit. Howe said Walton Street Capital still owns golf courses that were not part of this deal, including PGA National Resort & Spa, in Palm Beach Garden, Fla. that facility has 90 holes.
He said Century Golf hopes to broaden its working relationship with C-BONS.
“The intent is to work on other acquisitoions with them,” Howe said. “We have had discusions with them about both scenartios – where we take an ownership stake and and where we are just managers.”
Jim Hinckley, president of Century Golf said in a press release that he was excited to work with C-BONS and toi combine resources to pursue acquisitions.