The Newburgh, Ind., club is being added to the Nebraska-based portfolio of destination-golf properties. Victoria National has been owned since 2010 by The Suddath Companies, which acquired it from the family of Terrance Friedman, who built the club with a Tom Fazio-designed golf course in 1998 on over 400 acres of abandoned mining land.
Victoria National Golf Club, which was featured as C&RB’s July 2017 cover story (https://clubandresortbusiness.com/2017/07/restoring-hoosier-heaven/) will soon be in the hands of new owners, through an agreement that has been reached for the current owner, The Suddath Companies, to have the Newburgh, Ind. property become part of the Dormie Network, reported the TriStateHomepage.com website.
The Dormie Network is headquartered in Lincoln, Neb. and, through the investment firm of Hainoa, LLC, also operates a portfolio of destination properties that includes ArborLinks in Nebraska City, Neb.; Dormie Club in West End, N.C.; Briggs Ranch Golf Club in San Antonio, Texas; and Ballyhack Golf Club in Roanoke, Va.
C&RB reported on the addition of the North Carolina property in November 2017 (https://clubandresortbusiness.com/2017/11/dormie-club-joins-dormie-network-purchase-hainoa-llc/)
According to TriStateHomepage.com, Victoria National President Barry S. Vaughn released a letter on the announcement about Victoria National, noting that the club’s ownership group felt it was time to sell to an owner whose focus was centered on golf.
“Doing so will allow current ownership to focus more of its resources on the proposed residential community [on the Victoria National property] and other opportunities germane to its core and related businesses,” Vaughn said in the letter.
The Suddath Companies, based in Jacksonville, Fla. and originally a moving and storage company, acquired Victoria National in 2010 from the family of founder Terrance Friedman, who had built the club in 1998 after making his fortune in the automotive supply business. The property features a Tom Fazio-designed course built on over 400 acres that had been abandoned after years of strip mining. The course embraces a dramatic landscape, native vegetation and deep, spring-fed lakes.
In his announcement, Vaughn said Suddath’s search for a new owner had focused on finding a high-end golf operator that shares the current vision for the club and has the depth and resources to continue to operate the facility, TriStateHomepage.com reported.
“[The Dormie Network’s] intent is to expand upon the amenities and growth the club has experienced and to make Victoria National a premier facility within [its] network,” Vaughn wrote, according to the website.
Through the transaction, members of Victoria National will now also gain access to other Dormie properties, TriStateHomepage.com reported.