Textron Financial quits golf mortgage financing

Long-time golf industry lending leader Textron Financial Corp. will no longer originate any new golf course mortgage loans and is in the process of exiting the golf mortgage financing business entirely.
 
Textron Financial officials said that future golf lending will be limited to financing of customer purchases of Textron-manufactured products, which include E-Z-GO golf cars, Jacobsen turf care products and Cushman products, as well as the company’s Bell helicopter, Cessna aircraft and other products.
 

Industry support grows for Get Golf Ready initiative

Officials of the World Golf Foundation and its Golf 20/20 initiative say they are making significant progress toward their funding goals for the Get Golf Ready player development program announced in November.
 
As of late January this year, golf industry supporters had pledged slightly over $2.6 million toward a goal of $4.1 million to fully fund the three-year Phase I of the Get Golf Ready program implementation.
 

Canada: Three new golf courses planned in Nova Scotia

Three new golf courses are planned for development on Cape Breton Island in Nova Scotia.
 
The first to open will be The Lakes Golf Club in Ben Eoin. Located along the Bras d'Or Lakes and designed by Graham Cooke & Associates, the course is scheduled to open for play this spring.
 
The Fortress, an 18-hole, championship course designed by Nick Faldo, is expected to open sometime in 2010 as part of the 2,500-acre Louisbourg Resort. The Fortress will be complimented by an 18-hole, executive course that Faldo will also design.

Shea Homes sells two Trilogy-branded courses

Shea Homes earlier this month sold two of its Trilogy-branded golf courses, Trilogy Golf Club at Redmond Ridge in Redmond, Wash., and Trilogy Golf Club at La Quinta in La Quinta, Calif.

Bellevue, Wash.-based Oki Golf purchased the Redmond Ridge course for $5.3 million, and is renaming the course The Golf Club at Redmond Ridge. The Trilogy at La Quinta course was purchased by TLQ Partners for $8.6 million in a deal brokered by Grubb & Ellis’s Golf Property Group.

California industry coalition fights proposed golf tax

A coalition of California golf industry organizations, owners, operators, vendors and related enterprises has been organized to fight a tax on golf course greens fees proposed by Gov. Arnold Schwarzenegger.
 
The group’s website, www.ForeCalifornia.com, urges opposition to the proposed tax, which in some California cities could add more than 10 percent to current greens fees if imposed.
 

2008 course openings fall to lowest point in decades

New U.S. course openings declined to the lowest total in many decades in 2008, according to year-end tabulations by the National Golf Foundation.
 
Only 72 new courses, measured in 18-hole equivalents, opened in ’08, marking eight consecutive years of decline in openings from the all-time record high of 518 new 18-hole equivalents in 2000.
 
And for the third year in a row, course closures outnumbered openings, with 106 18-hole equivalents shuttering the doors in 2008 according to NGF totals.
 

GM buys Southern California property

Developer Roger Snellenberger recently sold the Indian Springs Golf Club in Indio, Calif., to the general manager of the property.
 
The buyer, Neil Finch, paid $6 million, with financing by Palm Springs-based Canyon National Bank. Finch will remain as the club's general manager. 
 
A 6,771-yard course, the facility was originally built in 1962 and redesigned in 2000 by David Ginkel.
 

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