The 170-acre Orlando property is being sold by Marriott Vacations Worldwide Corp., to “increase value for shareholders.” Marriott will continue to operate the golf course for about a year as the new owners, AG-RW Grande Pines LLC, perform due diligence on the property, with possible residential and retail development plans.
Marriott Vacations Worldwide Corp. is selling Grande Pines Golf Club, a 170-acre golf course that is adjacent to one of its original Orlando time-share resorts on International Drive, the Orlando (Fla.) Sentinel reported.
The Orlando-based time-share company said it decided to sell the property, which it has owned since 1997, to increase value for shareholders. Marriott Vacations became a publicly traded company when it split from its parent company, Marriott International, in November 2011, the Sentinel reported.
“As we go through being a publicly traded company, we look at our assets and our returns on them,” said Ed Kinney, vice president for Marriott Vacations. “It was something where we thought we’d get a better return if we sold it.”
The $24 million deal closed this week. Angelo, Gordon & Co., a representative for the buyer, AG-RW Grande Pines LLC, would not comment to the Sentinel on the purchase.
Marriott said it will continue to operate the course for about a year as the new owners do “due diligence” on the property. After that, it could be developed into residential units and retail stores, Kinney said.
The sale opens the door for more development on the fringes of the I-Drive tourist corridor, south of the Orange County Convention Center, SeaWorld and Discovery Cove. The area is about to get new access to Interstate 4, when a $20 million flyover connecting South International Drive and Palm Parkway opens next month, the Sentinel reported.
The sale means that owners at the nearby Marriott Cypress Harbor time-share resort will eventually lose access to the par 72 course designed by architect Steve Smyers. Marriott said the course was never included as an amenity in the purchase of the time shares. Cypress Harbor has been sold out since the mid-1990s, Kinney said, and when it was being marketed, the golf course was not part of the resort, the Sentinel reported.
The sale doesn’t mean golf is entirely off the table for owners and renters at Marriott’s Cypress Harbor, however. They will continue to have access to the nearby Marriott Golf Academy, which includes a nine-hole course and training facility, the Sentinel reported.
“We certainly have other course options for them,” Kinney said.
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