Through the all-stock deal with the private-equity firm, which is expected to close in the fourth quarter of this year, shareholders will receive $17.12 per share in cash, a premium of about 30.7% over the management firm’s closing stock price on July 7. “With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success,” said Chairman John Beckert.
ClubCorp Partners with Topgolf, Acquires Medina (Minn.) G&CC
The strategic alliance will result in Topgolf providing new technology and benefits for ClubCorp members, and ClubCorp providing special offers and experiences at its properties. At Medina Golf & Country Club, ClubCorp plans to spend more than $2.5 million in two years to update the clubhouse, patio, golf course, practice facilities, and aquatics. Topgolf® is…
National Club Association Announces New Board, Officers
New directors elected to the NCA board for three-year terms are Tom Bennison, ClubCorp USA, Inc.; Luke O’Boyle, CCM, CCE, Chevy Chase (Md.) Club; Nick Sidorakis, CCM, Southern Hills Country Club, Tulsa, Okla.; and Robert L. Smith, II, Venable, LLP, Washington, D.C.
ClubCorp Announces Continued Growth, Oakhurst G&CC Acquisition, and Eric Affeldt’s Pending Retirement
The management firm reported its twelth consecutive quarter of growth while saying it would not pursue being acquired for the time being, noting that it had not received a purchase proposal for the entire company. The acquisition of Oakhurst G&CC in Clarkston, Mich., is ClubCorp’s fourth this year. Eric Affeldt will retire as Chief Executive Officer upon appointment of a successor.
ClubCorp Develops The Collective in Seattle
ClubCorp and Alexandria Real Estate Equities have announced plans for the facility, which is slated to open in March 2018. The 15,000-sq. ft. space will feature 22-foot ceilings, a bar, collaborative workspaces and multimedia area, an urban spa, a boutique bouldering gym, bicycle storage, and locker room area.
Life Time Fitness to Replace Two Houston Tennis Clubs
The national fitness chain is planning a major reconstruction of The Houston City Club to convert it into an 89,000-sq. ft. fitness facility after it closes this summer. The company also plans to begin operations in the Galleria Tennis & Athletic Club by April 13.
Bernardo Heights CC Completes $2.5M Renovation
The six-month project at the San Diego property created a great room with an open-faced bar, lounge with modern seating and a communal table, a new menu with local craft beers on tap, and an updated lobby with custom-made ironwork. Other renovations include an enlarged formal dining room, a new fine-dining area with fireplace, and an outdoor veranda that has doubled in size.
Maryland, Florida Properties Undergo Management Transitions
ClubCorp has acquired Norbeck Country Club in Rockville, Md., with plans for a multimillion-dollar renovation of the property’s dining amenities, social features, and other amenities. The city of Gulf Breeze, Fla., is in negotiations with Troon to take over operations of Tiger Point Golf Club, which has been managed by Integrity Golf since 2015.
ClubCorp Reports Sixth Consecutive Year of Record Revenue
For 2016, ClubCorp’s revenue increased $35.6 million to $1.1 billion, up 3.4%. Same-store clubs revenue increased $18.8 million to $1 billion, up 1.9%, driven by increases in dues (up 3.1%) and food-and-beverage (up 2.4%), while new clubs opened or acquired in 2015 and 2016 contributed $51.3 million in revenue.
ClubCorp Acquires North Hills CC
The Glenside, Pa., club will undergo a multimillion-dollar reinvention under its new owner. The property features a championship golf course designed by J. Franklin Meehan, casual and upscale dining, swimming facility, and private event and meeting space.
ClubCorp Charity Classic Sets Fundraising Record
In 2016, the company’s major philanthropic effort raised $3,053,312 that will benefit over 100 national and charitable organizations, including Augie’s Quest and the ClubCorp Employee Partners Care Foundation. The Charity Classic has raised more than $20.3 million since its inception in 2007.
ClubCorp Acquires Eagle’s Nest CC
The member-owned Phoenix, Md., club will see more than $1 million in capital projects at the property, bringing new amenities, improvements and upgrades to the club. The property is 47 years old and features an 18-hole championship golf course with one of the largest single collections of dawn redwood trees, as well as a clubhouse, eight tennis courts, Olympic-size pool and private event space.
Four with More
The 2016 Winners of the Excellence in Club Management Awards, co-sponsored by the McMahon Group and Club & Resort Business.
ClubCorp Forms Committee to “Evaluate Alternatives”
The committee is made up of members of the Dallas-based company’s board of directors. “The committee is evaluating opportunities with a focus on maximizing value for all shareholders,” ClubCorp said in filings with the U.S. Securities and Exchange Commission.
Piedmont Club Seeks New Owner to Avoid Closure
ClubCorp, which has owned the Winston-Salem, N.C., property since its founding in 1987, informed the club’s Board and members that it will step down as owner and operator. The club could face closure if a new management company is not secured by March 18.