Alabama course sells for $3 million

Two current staff members have purchased Magnolia Meadows Golf Club in Columbiana, Ala., for a reported $3 million. 
The new ownership group, Double Eagle Development LLC, is made up of course superintendent Wade Nielson and clubhouse manager Fred Payne.
The two bought the course from local lender M&F Bank after it had been repossessed twice following the death of founder Jeff Falkner in early 2007.
Comparable courses in the area have been selling with cap rates in the neighborhood of 5 percent.

Casper closes deal to operate Delaware property

Billy Casper Golf has finalized a management deal for a second property in Delaware, Delcastle Golf Club in New Castle.
Officials said they plan to make more than $800,000 in clubhouse and course-related upgrades as part of the deal. They also plan to add new golf carts and maintenance equipment and to make improvements to the driving range and miniature golf course.

KemperSports to manage Northern California course

The City of Alameda (Calif.) has hired KemperSports to manage the 36-hole Chuck Corica Golf Complex.
The East Bay complex includes two 18-hole layouts – the Early Fry Course and the Jack Clark Course – and a 47-bay lighted driving range.
William Park Bell designed the Fry course, which opened in 1929. The Clark course was designed by William Francis Bell.
The deal means KemperSports now has 12 courses in Calfiornia under management contracts.  


TaylorMade plans aggressive approach in ’09

Despite a successful 2008, officials at TaylorMade-adidas are gearing up for an expected downturn in the economy with a more aggressive approach at the retail level.
Chief Executive Officer Mark King, speaking Jan. 15 at a media gathering at the company’s headquarters in Carlsbad, Calif., said that the company “is preparing for what could be” in the coming year.
Even though sales in 2008 were up 15 percent from the previous year, King said that “we looked at the reality of 2009 and don’t know what will happen.”

United States: Els-designed property opens in Hawaii

Hoakalei Country Club, the first private golf club on the island of Oahu in 30 years, officially opened its first nine holes for play Jan. 12.
Designed by Ernie Els, the planned 7,400-yard course is part of Hoakalei Resort in Ewa Beach, and was built by Haseko, one of Hawaii’s largest developers.
About 50 members already have joined, Haseko officials said. 
The club will include a residential element that will have 900 single-family and townhomes at final buildout. 

Vietnam: IMG to design course near Hanoi

The construction arm of the Taiwan-based Foxconn Group plans to develop an 18-hole golf course as part of its planned Hoa Lac Hi-Tech Park east of Hanoi.
Singapore-based IMG Golf Course Services will design the course, scheduled to open in 2011.
Foxconn’s KCT Engineering will supervise the development, with the course integrated within a residential development.

Spain: New Desert Springs course in works

Plans are in place for a construction of a second 18-hole golf course and a 166-bedroom lakeside hotel at the 750-acre Desert Springs resort development near the Mediterranean town of Cuevas del Almanzora.
Developer Almanzora Bay Group will build the new additions to the development at an approximate cost of €40 million.
Former European professional Peter McEvoy, who designed the development’s first 18-hole golf course, will design the new one as well. Construction of this latest phase is scheduled to start late this year.

Lithuania: Starwood plans €300 million in resort hotel improvements

The owners of the Le Meridien Vilnius Hotel plan to invest approximately €300 million in the property over the next three to five years.
Situated in Lithuania’s capital city of Vilnius, the hotel is a part of the Le Meridien Hotels & Resorts chain, which is controlled by New York-based Starwood Hotels & Resorts.

South Africa: Player to design course with wildlife sanctuary

Gary Player and his brother, Dr. Ian Player, are teaming up to design a new 18-hole golf course at the Waterberg Estate in Limpopo.
The new Waterberg Biosphere Course is planned as part of a larger golf community that will also include a variety of residential components. A wildlife and predatory sanctuary where wild animals can be seen at close range is also planned as part of the development.

Auction of foreclosed N.C. community delayed

The foreclosure sale of the luxury Hasentree golf community near Raleigh, N.C., has been postponed from its original December date until Feb. 3.
The 934-acre community, with its Tom Fazio-designed golf course and new home prices north of $1 million, is scheduled to be sold at auction by lender SunTrust Bank.
SunTrust reportedly is owed an estimated $49 million by community developer Creedmoor Partners, headed by local developers Carlton Midyette and Henry MacNair.


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