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…
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 Completes Recapitalization
Through the transaction with Concert Golf Partners, the Canton, Mass., property retired all club debt, lowered annual dues by 30%, injected more than $2 million into immediate capital projects, and bars any future assessments on the membership.
Blue Hill CC Recapitalizes with Concert Golf Partners
The private, 90-year-old Canton, Mass., property unanimously approved and ratified the transaction, which pays off all club debt, lowers annual dues by 30%, injects more than $2 million into immediate capital projects, and bars any future assessments on the membership.
West Lake CC Practice Facility Progresses
The Augusta, Ga., club will begin “real work” on the facility once the Georgia State Golf Association 2015 Junior Championship wraps up on June 24. The update is expected to be complete by the end of the summer.
West Lake CC to Launch $1.5M Capital Projects
By recapitalizing with Concert Golf, the Augusta, Ga., property plans to expand the banquet hall, improve the pool and tennis complex, and add casual dining options.
Legacy Golf Resort Acquired by Concert Golf Partners
The boutique golf club owner-operator is planning to invest more than $1 million in the Phoenix, Ariz,. property, with upgrades to the banquet and kitchen facilities, bunker renovations, new maintenance equipment, and expanded casual dining.
New York Times Designates Club Industry as a “Buyer’s Market”
According to the report, investors who have the cash are seeing the current golf course market as an opportunity to scoop up distressed clubs and revamp their business models.
MacGregor Downs CC Maps Out Enhancement Program
Under the ownership of Concert Golf Partners, the Cary, N.C., property will update the on-course irrigation system, add decks for outdoor dining, and enhance amenities on Lake MacGregor, while adding a corporate membership opportunity.