Club Corp acquires Prestonwood CC in Dallas for $11.2m

Just weeks after elected officials in Dallas, Texas publicly accused them of stealing water, the owners of Prestonwood Country Club have gotten out of the golf business.

Henry S. Miller Companies has sold Prestonwood, a two-location, 36-hole facility, to ClubCorp. The Dallas Morning News reports that the price was $11.2 million.

“The time has come to sell,” said Greg Miller, whose family has owned Prestonwood for 36 years. “It’s not really our core business.”

Golf is undoubtedly ClubCorp’s business, though. The Dallas-based company owns and operates 15 golf properties in the Dallas-Fort Worth area and more than 100 overall.

The purchase includes both the 18-hole Prestonwood Country Club in Dallas and the Hills Country Club in Plano. ClubCorp plans to upgrade Prestonwood’s golf courses and clubhouses, and it’ll most likely pay about $46,000 a year for water.

Prestonwood Country Club has about 1,000 members, which has grown from 800 members in 2009. Prior to the recession, the country club had about 1,200 members, according to the Dallas Business Journal.

The purchase of Prestonwood Country Club marks the third for ClubCorp in the past six months – reinforcing the company’s goal of continued growth through acquisition and club reinventions.

“The addition of these clubs provides greater opportunity for DFW-area members to enjoy more great golf, tennis, dining, swim and social activities and we welcome the Prestonwood members into the ClubCorp family,” said Eric Affeldt, ClubCorp CEO and president. Affeldt added, “The company plans to invest in a multimillion-dollar renovation project that will include improvements to member dining areas, both golf courses and family amenities.”

Editor's note: This story was updated to reflect the accurate number of properties ClubCorp manages in the Dallas area. 

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