Under the lease agreement, the state-owned military museum collects 17.5 percent of the golf course’s “qualifying” annual revenue, which came to $338,255 in fiscal year 2018, putting the total amount generated at about $1.93 million.
The lease to the state-owned Patriots Point Links Golf Course is being turned over to one of the area’s most prolific real estate developers, the Charleston Post and Courier reported.
The Patriots Point Development Authority’s board voted unanimously December 7 to transfer the rights to operate the 18-hole property to Michael Bennett of Charleston-based Bennett Hospitality, the Post and Courier reported.
The Mount Pleasant, S.C. course, which was opened in 1979, had been leased to the Philadelphia-based investment firm Lubert-Adler and is managed by Atlanta-based Mosaic Clubs and Resorts (now rebranded to Bobby Jones Links).
Bennett was not present at the board meeting. Whether Bobby Jones Links will remain as manager will be up to Bennett Hospitality once the transfer is finalized, said Mac Burdette, executive director at Patriots Point, the Post and Courier reported.
The public course joins Bennett’s other Patriots Point parcels, including two that Lubert-Adler transferred to Bennett about three years ago. Bennett also controls the long-term lease to a 61-acre property at Patriots Point that he will use to develop a resort that would generate income for the maritime museum, the Post and Courier reported.
According to the Post and Courier report, the addition of the golf course to Bennett is another “piece of the puzzle” for plans he has for various investments at Patriots Point, Burdette said.
“He’s making it part of his destination,” he said.
Under the lease agreement, the state-owned military museum collects 17.5 percent of the golf course’s “qualifying” annual revenue. For the 2018 fiscal year, that came to $338,255, which would put the total amount generated at about $1.93 million, the Post and Courier reported.
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