The Naples, Fla.-based hospitality management and investment firm purchased the Fort Myers, Fla., club from Wells Fargo Bank. The property includes an 18-hole golf course, pro shop, clubhouse and golf course maintenance facilities.
Some members of the Coral Hospitality executive team purchased the 128.76-acre Eagle Ridge Golf Club in Fort Myers, Fla., from a Wells Fargo Bank unit for $1.87 million, the Florida-based Business Observer reported.
Coral Hospitality, a Naples-based hospitality management and investment firm, will manage the golf club, which includes a 6,500-yard, 18-hole golf course, a pro shop, clubhouse and golf course maintenance facilities. Coral Hospitality, founded in 1988, manages hotels, resorts, golf clubs, residences and spas, the Business Observer reported.
“Eagle Ridge’s natural beauty, player-friendly golf course and exceptional location fits well within the strategic club acquisition plan we are aggressively pursuing,” said Christopher Schaeffer, managing member of the purchase entity CH5-Eagle Ridge LLC. “We are confident that with Coral Hospitality’s expertise in the management and operation of fine clubs, we will improve all facets of service and operations at Eagle Ridge.”
The most recent seller, Redus Properties Inc., is a former Wachovia Bank subsidiary and now part of Wells Fargo Bank. Wells Fargo Bank Minnesota took ownership of the golf club property from Kollstar Eagle Ridge Golf and Tennis Club LLC in October 2000. The bank sold the property to Tampa-based CT Eagle Ridge LLC in December 2005 for $4.3 million. Wachovia Bank foreclosed on the property in February 2012 from CT Eagle Ridge LLC. CH5-Eagle Ridge LLC mortgaged the property to Capital Bank NA for $1.15 million, the Business Observer reported.
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