The sale of the Hot Springs Village, Ark., property was finalized on December 19. Under the new owners, a member classification is being added with the hopes of breaking “the log-jam of property transactions” caused by a restriction that required property owners to be club members, said Dennis VanLeeuwen, secretary of the Board of Directors.
Diamante Country Club in Hot Springs Village, Ark., has been sold by Club Corp. and Cooper Industries to a corporation owned by Diamante property owners. The purchase was finalized on December 19, the Hot Springs Village Voice reported.
“This transaction created several advantages for our membership,” said Dennis VanLeeuwen, secretary of the board of directors. “First, we will control our own destiny. Also, all proceeds above and beyond the basic operational needs will be plowed back into improvements allowing the club to maintain the quality that the membership expects.”
Another anticipated advantage relates to property values in Diamante subdivision. Currently, Diamante properties lag behind comparable home values in the Granda and Isabella neighborhoods due to a previous requirement that Diamante property owners be dues-paying members of the club as long as they own their property, the Voice reported.
The change in ownership creates a new member classification enabling qualified (Gold) full golf members to go inactive after 36 or 48 months with the subsequent buyers of their property only required to pay dues for 36 months before having the option to go inactive or change membership type, the Voice reported.
“We think that will break the log-jam of property transactions caused by the previous restriction,” VanLeeuwen said.
As part of the change, the Diamante non-profit has signed a three-year contract with Kemper Sports to manage the club and gold operation, the Voice reported.
“This will provide club house and golf course expertise during the transition,” said VanLueeuween, “As well as national marketing capabilities, purchasing power and discounts for such things as golf carts, course chemicals, course maintenance equipment and food.”
All current employees will be offered a position with the new organization, the Voice reported.
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