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.
Blue Hill Country Club, a 90-year-old private club in Canton, Mass., has completed a recapitalization with Concert Golf Partners, the boutique owner-operator of private clubs.
The transaction, unanimously approved by the member-owned club’s Board of Directors and unanimously ratified by its members, pays off all club debt, lowers annual dues by 30%, injects more than $2 million into immediate capital projects at the club, and bars any future assessments on the membership.
“This partnership with Concert Golf ends our debt challenges, and ends our long-standing internal debates about funding capital projects with member assessments,” said club President Jim Marano, who led the effort to recapitalize. “Just since announcing this deal, we have seen a significant uptick in membership applications at Blue Hill.”
The Board sought a partner that would fund and complete the necessary capital projects. “Several local developers wanted to bulldoze our 9-hole Challenger course to build homes, but the membership strongly favored retaining all 27 holes—and so we unanimously chose Concert Golf, which put that preservation in writing,” said Board member Tim Nelson.
Concert Golf CEO Peter Nanula announced that his team would immediately undertake several long-deferred capital projects at Blue Hill CC, including an expanded driving range and short-game practice area; a new 19th hole members lounge; and renovation of the clubhouse, including the 3rd floor 250-seat banquet room with breathtaking Boston views.
“Blue Hill CC is a classic example of a great club with a terrific golf course and loyal membership but capital challenges typical of those we see at member-owned clubs across the country,” Nanula said. “For member-owned clubs, these capital issues are daunting and often seem intransigent — but they’re easy for us to solve. We paid off all the debt at Blue Hill yesterday, which means no more member assessments. We will pay for and complete these much-needed improvements much faster than the club ever could, at no cost to the members.”
“Our dues are back down to market levels now, with a written guarantee of no more assessments ever again,” Marano said. “We already have lots of former members—who left the club in the last few years due to the uncertainty—asking if they can come back to Blue Hill.”
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