Investors take over Virginia club for $5 million in improvements

A Virginia investment company reached a tentative agreement to buy Williamsburg Country Club. John Lynch, the Williamsburg, Va., club’s president, confirmed the sale last week.
 
The total investment by Williamsburg Golf Investors 1 is estimated to be worth $5 million. The investors agreed to take over the club’s debt, as well as provide improvements, in lieu of a cash sale. The buyout also guarantees that the Williamsburg Country Club will remain private for 10 years.
 
Williamsburg Golf Investors 1 will revamp the course to better compete with other courses, spending an estimated $3.5 to 4 million. Plans include a new sprinkler system, concrete golf paths and new Bermuda hybrid fairways. An entrance will be added and minor renovations to the clubhouse are planned.
 
The Williamsburg Country Club is run by a non-profit organization. The sale of the 50-year-old course required a 75 percent vote from shareholders for completion. Previously, the country club sold a large portion to a private development company.
 
Long-time members will retain their membership status.

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