Requiring homeowners to also join an associated country club—once a popular real-estate sales approach—is now proving to only restrict the market, some experts say. Additionally, a new report shows that home values can drop 25 to 50 percent if an adjacent golf course is closed.
The Club at 12 Oaks Sold to Concert Golf Partners
The sale of the Holly Springs, N.C. club includes provisions to pay off all club debt, freeze member dues rates, inject nearly $1 million into capital projects at the club and bar any future assessments on the membership. The Club at 12 Oaks is the centerpiece amenity of the 912-acre 12 Oaks community, which includes…
Talks End for ClubCorp’s Acquisition of Concert Golf Properties
Concert Golf Chairman Peter Nanula informed members of the 16 clubs that would have been sold to ClubCorp that “the fit just wasn’t right.” Nanula added that his firm would now refocus on “adding more fine clubs to our boutique portfolio.” Clubs owned by Newport Beach, Calif.-based Concert Golf Partners have been informed by Concert’s…
Talks for ClubCorp to Acquire Concert Golf Properties Reported
Members of Philmont Country Club in Huntingdon Valley, Pa, received an e-mail on April 15thfrom Concert Golf Chairman Peter Nanula that said his company had entered into discussions with ClubCorp to acquire 16 of Concert’s clubs, including Philmont, according to a Philadelphia Inquirer report. Nanula and a ClubCorp spokesperson would not comment further when contacted about the message.
Concert Golf Partners to Buy Fountains CC
Residents of the Lake Worth, Fla., community voted to sell to the management company for an undisclosed sum, ending residents’ mandatory membership in the club. It is unclear how the sale will affect plans to sell parts of the property’s three golf courses to a housing developer. The Lake Worth, Fla., community has voted to…
Golden Valley CC to Stay Member-Owned
The 104-year-old club in suburban Minneapolis voted against selling to Concert Golf Partners and will remain self-managed. “Contrary to published reports, Golden Valley Country Club is not bankrupt, nor are we approaching bankruptcy,” said President Drew Fernholz. The club is engaging restoration expert Keith Foster to complete a master-planning project for its A. W. Tillinghast-designed golf course and is also launching a new “Friends and Family” membership initiative.
Indian Spring CC Sold to Concert Golf
The California-based owner-operator plans to make more than $1 million in improvements, including expanding and renovating the fitness center, upgrading the reception area and upgrading outdoor dining. According to an article in The Palm Beach Post, members of Indian Spring Country Club (Boynton Beach, Fla.) voted 221-2 to sell the club for an undisclosed price to Concert Golf…
Philmont CC to Receive $4.15M Restoration
The Huntingdon Valley, Pa., club was built in 1907 and purchased by Concert Golf Partners in March. The new owner is planning a series of renovations that will touch on the dining facilities, pool area, grille room, fitness center, and bunkers on the North Course, as well as a redesign of the 18th hole. New…
White Manor CC Recapitalizes with Concert Golf
Through the partnership, the Malvern, Pa., facility has paid off all debt, lowered annual dues by 10-15%, and barred any future assessments to the membership. The property will undergo $1 million in capital projects, including greens renovations, new swimming pool amenities, outdoor dining, and a new fitness center.
White Manor CC Members to Vote on Proposed Sale to Concert Golf
The membership of the Malvern, Pa. club received an electronic invitation to take part in a vote on Friday, December 16, according to a local newspaper’s report. Since news of a possible sale began to circulate, several locally based parties have also come forward as potential buyers, the report said.
West Lake CC Repositions Itself as “Full-Family Club”
Under new ownership since May 2015, the Augusta, Ga., property has introduced casual dining options, spa services, a youth room and a kid-friendly water slide at the pool, and reports it is no longer hemorrhaging members. At the nearby Jones Creek Golf Club in Evans, Ga., General Manager Ray Mundy also emphasized the importance of creating a “lifestyle club,” noting that golf has become the “four-hour game in a four-second world.”
Crestview CC Completes Recapitalization with Concert Golf
The membership of the 95-year-old private club in Wichita, Kansas overwhelmingly approved the arrangement that will pay off all club debt, lower annual member dues, start $1 million of immediate capital projects and bar all future assessments on the membership.
Getting Back On Track at MacGregor Downs CC
The recent sale of the Cary, N.C., property has produced a new formula for success: Owners invest, professional managers operate, and members enjoy the club.
Concert Golf Partners Could Buy Crestview CC
The Wichita, Kan., club has a letter of intent to sell to the Newport Beach, Calif.-based owner/operator. Under the agreement, Concert Golf would pay the club’s debt, freeze dues, eliminate assessments, pay for capital projects, and take over operations.
Blue Hill CC Partners with The Harvard Club of Boston
Under the agreement, Harvard Club members can use the private Canton, Mass., property’s golf, tennis, pool and dining amenities at a preferred rate, avoiding any wait list, and Blue Hill members can join the city club as associate members.