New York resort sold for $88 million

Sagamore Resort in Bolton Landing, N.Y., has been sold to a company that owns more than 100 hotels across the U.S.

Sagbolt LLC, an affiliate of Ocean Properties Ltd. Hotels & Resorts, purchased the property for $88 million from Green Island Associates.

Ocean Properties is headquartered in Delray Beach, Fla., and Portsmouth, N.H.

Green Island's principals had owned the 70-acre resort on Lake George in the Adirondack Mountains for 25 years.

Former NFL player purchases Ohio course

An Ohio businessman has purchased Fonderlac Country Club in Poland, Ohio, for approximately $5 million.

Edward Muransky acquired the course from Fonderlac Inc., a group of members of the club.

He reportedly is developing plans to upgrade the golf course. The previous ownership group elected to sell the club when it became clear they could not afford needed improvements.

Fonderlac currently has 170 members but reportedly has to raise that number to 230 to remain financially viable. The 6,400-yard course was designed by Brian Huntley and originally opened in 1966.

Greece: Trophy to manage Nicklaus design

High-end boutique course and resort operator Trophy Golf & Resorts has signed with Dolphin Capital Investors to manage the planned Jack Nicklaus Signature course at the upscale residential and resort property of Kilada Hills Golf Resort in Peloponnesus, Greece.

The resort and 18-hole course are scheduled to open in 2011, marking the first Nicklaus Signature course in Greece.

I.R.I. Golf Group expands North Carolina portfolio

I.R.I. Golf Group has landed its eighth management contract in the Charlotte, N.C., area with a deal to run the public Fox Den Country Club in Statesville.

Designed by Clyde Johnston and opened in 1996, Fox Den is a 7,000-yard, par-72 course featuring a clubhouse, pro shop, Mulligan’s Bar & Grille with casual and fine dining, banquet facilities, a pool complex and lighted tennis courts.

I.R.I. currently owns or operates 23 golf facilities throughout the country.

Australia: $120 million Stonequarry project on hold

Plans for the $120 million Stonequarry residential golf course near Sydney reportedly have been placed on hold indefinitely.

A softening housing market and economic downturn were blamed for the decision by Bradcorp, developer of the project, according to The Australian Financial Review.

"The construction of the golf course has not been cancelled but we cannot say with any certainty whetherit will happen," said Bradcorp representative Peter Brennan.

He said a lack of final government approvals as well as difficulty in arranging financing had forced the decision.

Pakistan: Tourist agency adds course at resort

A major tourist resort planned by the Pakistan Tourism Development Corporation (PTDC) is slated to include construction of a new golf course.

The PTDC recently received approval of the proposed 172-acre development at Gaddani Beach from its board of directors. The resort will also include a new hotel as well as a variety of modern water sports facilities.

Scotland: €16 million project moves ahead

Cheshire-based developer Guardian House Ltd. is moving forward with plans for a golf course and luxury housing community in Connel.

Named Saulmore Farm, the development will feature an 18-hole golf course with a full clubhouse, including a restaurant and bar.

The first phase of construction, expected to cost as much as €16 million, recently got underway. It will encompass construction of the golf course as well as the community's first six houses.

The four-bedroom houses are currently priced from €600,000 to €700,000.

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