The transaction for the management firm’s acquisition by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, LLC, was expected to close on or about September 18th after its approval at a special stockholders meeting a day earlier. Upon the closing, stockholders will be entitled to receive $17.12 per share in cash.
The Rancho Mirage, Calif., club has reportedly extended an honorary membership to former President Barack Obama, though The Desert Sun was unable to confirm the report and club officials would not comment. Officials at Thunderbird Country Club in Rancho Mirage, Calif., said they could not confirm or deny reports that the oldest 18-hole club in […]
Pool programming that suits members’ changing needs is the best way to ensure that the most family-friendly amenity lives up to expectations.
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.
The Rancho Mirage, Calif., property is now known as The Sinatra Resort & Country Club, named after the street on which it is located. New owner Tim Martin is changing the property from an equity private club to a resort with plans for a hotel.
A Fashion & Style-section article highlighted how the Palm Desert, Calif., property, once known primarily for its 18-hole executive golf course, has become “a mecca for worshipers of high design”—and in particular architect John Elgin Woolf, who created Marrakesh’s pink-and-white villas and pool houses in his signature “Hollywood Regency” style that is now enjoying a resurgence in popularity. “The desert used to be driven by golf,” one Marrakesh resident told the Times. “Now the big engine of the economy [here] is style.”