ClubCorp acquires two TPC courses

ClubCorp’s acquisition pace is what the Texas-based golf group calls “accelerated,” and it doesn’t look like they’re slowing down anytime soon. In late April, it announced the purchase of two Tournament Players Clubs — TPC Michigan and TPC Piper Glen in North Carolina. Additionally, the company announced plans to build a private member alumni club on the Baylor University campus in Waco, Texas.

Dallas-based ClubCorp bought the two courses as a package, paying $3.8 million for TPC Piper Glen and $3 million for TPC Michigan. they had ben listed for a combined $7.25 million. 

The PGA developed the courses and sold both to Heritage Golf Group in 2007, allowing the courses to keep their TPC branding under a licensing agreement. San Diego-based Heritage, however, failed to restructure financing in 2011 and the courses defaulted. Addison Law Firm was appointed as the receiver to oversee operations and facilitate a sale.

Steven Ekovich, Managing Director of the firm’s National Golf & Resort Properties Group and lead agent on the asset sale, represented both the seller a well-known national lender and the buyer.

“ClubCorp has plans to immediately begin capital expenditure projects for both remedial improvements and upgrades at both TPC properties,” Ekovich said in a statement. “The vision of Bennison and his team at ClubCorp is to restore both TPC properties to the original standards set by the Tournament Players Club by investing considerable capital improvement funds.”

The TPCs were sold out of receivership, on behalf of their legal owner and their financial institution. Addison Law out of Dallas was the Receiver for the sale. After 20 offers, Ekovich finalized the sale with ClubCorp.

“The additions of these two prestigious clubs reinforce our commitment to external growth and enables an even closer relationship with the PGA Tour and its exceptional brand,” ClubCorp chief operating officer Mark Burnett said in a press release.

With the list of owned and formally-owned PGA TPC clubs growing, courses like TPC Michigan and TPC Piper Glen are available to host major PGA tournaments. TPC Piper Glen — an 18-hole Arnold Palmer-designed par-72 course — has hosted two past championship events.

“ClubCorp has represented the highest quality in the golf and club industry for 50 years,” said David Pillsbury, president of PGA TOUR Golf Course Properties. “We are delighted to work with them and add value to each of our club networks.”

TPC Michigan, the Scottish links-inspired Jack Nicklaus par-72 course is built on land originally owned by Henry Ford, having hosted the Ford Senior Players Championship for 16 years.

“We are excited about opening The Baylor Club and about ClubCorp becoming an integral part of the university and local community,” said Eric Affeldt, ClubCorp’s president and CEO in a press release. “Our university-aligned clubs have proven to be extremely popular venues where members can gather and take pride in their alma mater and their city.”

The addition of these two properties and creation of the Baylor club marks ClubCorp’s eighth and ninth acquisitions in the past year. Their portfolio of owned or operated clubs has now reached 160 with clubs located in 25 states, the District of Columbia, Mexico and China.

“As ClubCorp recently went public, this acquisition of the TPC portfolio is another statement to their shareholders that ClubCorp is aggressive in growing their business with quality assets,” Ekovich said.

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