Sales & Finance

Sales update: Twin Rivers GC, Weatherwax GC, La Purism GC

January 11, 2017
By Robert J. Vasilak

Florida city pays $5 million to keep course open

The city of Oviedo, Fla., has agreed to pay $5 million for Twin Rivers Golf Club to ensure that the struggling 310-acre property remains open.

Twin Rivers features an 18-hole, Joe Lee-designed course and was among a handful of Orlando-area venues owned by The Golf Group. Two years ago, The Golf Group, headed by Bob Dello Russo, closed Rock Springs Ridge Golf Club in nearby Apopka when it was in similar financial straits. The city will seek a private management firm to operate Twin Rivers.

Concert Golf recapitalizes White Manor CC

January 11, 2017
By Jack Crittenden

Concert Golf Partners added another private club to its portfolio, with the recapitalization of White Manor Country Club, a member-owned private club in the Philadelphia suburb of Malvern. The club's Board of Directors and its members approved a deal at the end of 2016, which will pay off all the club's debt. It is also expected to lower annual member dues by 10 to 15 percent, and inject more than $1 million into immediate capital projects at the club.

Walters sells Royal Links, almost out of golf

November 4, 2016
By Jack Crittenden

Walters Golf sold Royal Links Golf Club in Las Vegas to Scottsdale Golf Group on Nov. 3, part of the company’s effort to exit golf completely.

Bill Walters, owner of Walters Golf, is a professional sports gambler has owned more than ten golf courses during the past 25 years. But he sold Desert Pines Golf Course to Arcis Equity Partners in 2014, and is left with onely one course — Bali Hai Golf Club on the Las Vegas Strip.

Watermark adds 5th course in Grand Rapids

October 18, 2016
By Jack Crittenden

Watermark Properties, which owns four courses in Grand Rapids, Michigan, will add a fifth course in January with the acquisition of The Golf Club at Thornapple Pointe.

Thornapple Pointe opened in 1997 and has operated as a public course. Watermark’s other facilities — Sunnybrook Country Club, Watermark Country Club, StoneWater Country Club, and Thousand Oaks Country Club — are all private.

Oki sells 10 courses for $137.5M to Chinese group

October 18, 2016
By Jack Crittenden

The Chinese conglomerate that owns Hainan Airlines will acquire 10 golf courses for $137.5 million, as part of its effort to boost its portfolio overseas and secure a gateway into the North American golf tourism market.

The seller, Oki Golf, is based in Bellevue, Wash., and all of the properties are in the Seattle region. The sale includes The Golf Club at Redmond Ridge, The Golf Club at Newcastle, Washington National Golf Club, Trophy Lake Golf & Casting, Harbour Pointe Golf Club, The Golf Club at Hawks Prairie, The Plateau Club, and Indian Summer Golf & Country Club.

ClubCorp defends strategy amid discontent from minority shareholder

October 3, 2016
By Jack Crittenden

Eric Affeldt, CEO of ClubCorp, can’t seem to get a break. In the spring, a short-seller claimed the company’ stock was overvalued by more than a quarter. Now, a minority shareholder has sent public letter claiming that the company is undervalued, and that it should consider selling non-core lower-returning clubs or a conversion into a REIT. 

Affeldt, meanwhile, has said the company's story and financials are not well understood, primarily because it is the only public golf entity. It went public in 2013.  

Arcis sells Crossings in Virgina for $1.7M

September 6, 2016
By Jack Crittenden

The Crossings Golf Club in Henrico, Virginia may have once been worth more than $10 million, but the daily fee course recently sold for only $1.7 million. 

Arcis Golf sold it for $1.7 million to Matthew Hall, who owns Meadowspring Turf Farm and Home Field Fertilizer. His companies supply golf courses in the region. Hall is the club’s fourth owner in 14 years, and it appears he got the best deal.

Pacific Links sells Pete Dye Golf Club for $2.7 million

September 6, 2016
By Jack Crittenden

Pacific Links International sold another course in August — the Pete Dye Golf Club, its top-rated U.S. golf property.

The new owner of the club, in Bridgeport, West Virginia, is Randy Buzzo, a local auto dealer who told the Dominion Post that he loves to play “the best courses in the world.” He acquired the course for $2.7 million. 

Pages

Subscribe to RSS - Sales & Finance