Shangri-La saved by owner of Ameristar Fence

Eddy Gibbs, owner of Ameristar Fence Products, acquired The Shangri-La Golf Resort in northeastern Oklahoma, the resort announced March 5.

“My acquisition was only possible because we were able to work out a mutually beneficial transaction at a price that allows me to make the material investment in the resort,” Gibbs said in the statement. Gibbs has not disclosed the purchase price.

Shangri-La, a luxury resort, opened in 1969, but hit hard economic times in the 1990s, leading to multiple ownership changes and bankruptcies, NewsOK reported.

Peter Boylan bought the resort in 2005 for $5 million with hopes to build a hotel and residential development. The slowing economy put those plans on hold, but only after Boylan had demolished the resort’s convention and recreation centers.

“When Eddy approached me about acquiring the resort and outlined his development plans, his passion was obvious and it was clear to us that his plan was solid and would be in the best interest of the community,” Boylan said in the statement.

Gibbs said he plans to build a new 6,000-square-foot clubhouse to accompany the resort’s two 18-hole golf courses. The new clubhouse will house a pro shop, meeting rooms and a restaurant and bar, among other amenities.

The new name of the resort is the Peninsula Resort and Club-Grand Lake.

Gibbs is owner and CEO of Ameristar Fence Products, a 35-year-old Tulsa manufacturer with about 500 employees, that sells to other golf courses, primarily new developments.