Heritage Golf Group buys two more courses

  • Heritage Golf Group
    Heritage Golf Group

Heritage Golf Group continues to be the most active buyer in the market, adding its 10th and 11th courses. It acquired Stanton Ridge Golf & Country Club in Whitehouse Station, N.J., and Boulder Ridge Country Club in Lake of the Hills, Ill., near Chicago.

Both sales come one month after the company acquired Shackamaxon Country Club in Union County, New Jersey and entered into a long-term lease with Knollwood Country Club in Elmsford , N.Y.. 

KSL Capital Partners, the Denver-based investment firm, acquired Heritage Golf Group in February 2020 and appointed former ClubCorp COO Mark Burnett to run the company. At the time, it had six clubs, but said it would acquire more. 

Its first acquisition came in July, when it purchased the River Club of Mequon, a private Country Club located 25 minutes north of Milwaukee. 

Stanton Ridge Golf & Country Club is in Hunterdon County, New Jersey. It was designed by Stephen Kay in 1994. 

“With its location in a family-oriented suburban market and an outstanding golf course, clubhouse and residential community, Stanton Ridge Golf & Country Club is a welcome addition to our expanding portfolio of clubs,” said Mark Burnett, Heritage Golf Group’s CEO and President. “This club represents our third acquisition in the New York and New Jersey metropolitan area over the past three months.”

Boulder Ridge Country Club has 27 holes and was designed by Lohmann Golf Designs, with former PGA Tour player Fuzzy Zoeller as a consultant. Heritage said it will improve the clubhouse, pool complex and outdoor areas.

“We are very excited to add Boulder Ridge Country Club to our portfolio of private clubs,” Burnett said. “This will be our first club in the Chicago suburban market – a traditional family-centric club, located in a growing residential community, that offers a wide range of amenities including 27 holes of championship golf.”

Heritage seeks courses that can benefit from an infusion of cash and capital and it has targeted the following: 1) Member-owned, non-profit clubs with growth potential through long-term financial security, strategic capital improvements, membership sales and programming creativity and professional operations; 2) Private golf and country clubs in residential communities owned by institutions, corporations, and private investors seeking a discreet exit strategy with a proven, well-capitalized industry buyer; 3) Semi-private or premium daily fee golf properties in major metropolitan markets that are additive to the network of clubs and/or can be converted to private clubs in a tight cluster offering a unique reciprocal membership platform. 4) Developer, HOA, or Hotel owned golf properties inextricably linked to the surrounding real estate but looking to monetize and redeploy capital or discharge the burden of owning and operating their noncore golf assets. 

 

 

 

 

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