Friday, October 31, 2014

Transactions, october 31, 2014

     Brattleboro, Vermont. John Judge, who’s had what he calls “a life-long ambition to own a golf course,” has purchased Brattleboro Country Club. The club, which this year celebrated its 100th anniversary, features an 18-hole course, with eight holes designed by Wayne Stiles. It was a forced sale, as the club’s financial condition “has been deteriorating for years,” according to the Brattleboro Reformer. “It was time to foreclose or find a buyer,” one of the club’s former presidents said. Judge, a club member, didn’t reveal the purchase price.

     Prescott, Arizona. Two years after filing for Chapter 11 and closing, Hassayampa Golf Club has once again been given a new lease on life. The club, which features a Tom Weiskopf-designed course, has been acquired by Capital Canyon Club LLC, an entity that’s said to be composed of former club members and residents of Hassayampa’s accompanying community. “You can count on us to bring to you the highest quality golf club you deserve,” the new owners wrote in a letter intended to lure prospective members. Hassayampa was founded in 1919 and closed for the first time in 1969. It was dead for 30 years before Desert Troon brought it back to life. The new owners aim to reopen the track next year.

     Pukalani (Maui), Hawaii. A Japanese investor has reportedly paid $4.25 million for Pukalani Country Club. The club, which opened in 1980, features an 18-hole golf course that was designed by Bob Baldock. The seller, an affiliate of Kobayashi Group, declined to identify the purchaser but told Pacific Business News that it’s “a Japanese person that has been coming to Hawaii and Maui for many years.” Kobayashi’s subsidiary continues to own developable property adjacent to the course.

     Granville, Ohio. After passing on an opportunity to buy Granville Golf Course, Denison University has accepted the property as a gift. The course, which opened in 1924, was designed by Donald Ross, and it serves as the home of the university’s men’s and women’s golf teams. The Columbus Dispatch reports that the property “had faced an uncertain future as revenue declined and its owners aged.” The youngest shareholder, according to the newspaper, “was pushing 80.”

     Alachua, Florida. A Tennessee-based group has agreed to buy and reopen the defunct Turkey Creek Golf & Country Club. The club, in suburban Gainesville, opened in the late 1970s and became a victim of the Great Recession in 2011. It features an 18-hole, Ward Northrup-designed golf course. The Gainesville Sun reports that the prospective owners, operating as GSP Business Alliance, specialize in “revitalizing golf clubs that are dead or dying.” Wallace Cain, Turkey Creek’s current owner, told the newspaper that he put the property on the market “a long time before we closed it.”

     Homer, Georgia. Last summer, a pair of would-be residential developers agreed to buy the only country club in Banks County. Vowing to be “in it for the long haul,” Jim Pritchard and Tony Adams paid an undisclosed price for Scales Country Club, which features an 18-hole, Mark McCumber-designed golf course. “We are very excited about keeping the golf course going and developing a first-class community for the Banks County area,” Pritchard told Banks News Today. The club opened in 1998, as Hammer’s Glen Golf & Country Club. At one time, its golf course was ranked among the 25 toughest in the state.

     Reno, Nevada. The imperiled ArrowCreek Country Club has been rescued by roughly 30 members of its accompanying community. The club, which was forced to declare for bankruptcy protection in early 2014, is now owned by a group that hopes to flip the property to the community’s home owners’ association. “There’s been a negative cloud over ArrowCreek for almost eight years,” the group’s chairman told the Reno Gazette-Journal, “and we feel that that cloud is being lifted.” Arrowhead features a pair of 18-hole courses, one designed by Arnold Palmer and one co-designed by Fuzzy Zoeller and John Harbottle. A sales price hasn’t been announced, but the new owners will reportedly assume $2 million in debt.

     Eden, Utah. A home builder has purchased the golf course at the former Wolf Creek Resort. A partnership led by John Lewis, the owner of Lewis Homes, paid an undisclosed price for the 18-hole, 52-year-old layout. The partners already own other attractions at Wolf Creek, so the purchase allows them to control more pieces of the puzzle. “With the acquisition of the golf course, we can now integrate resident and commercial development with semi-private golf and other community-based activities,” Lewis told the Salt Lake Tribune. “We now have a way to bring back the resort, a sense of community that essentially vanished with the recession and bankruptcy.” The seller was an entity called KRK Wolf Creek, which reportedly bought the property from a local bank in 2012.

     Bullard, Texas. Steven Plybon, a local oil man, has acquired a golf community anchored by Eagle’s Bluff Country Club. Plybon and his partners believe their purchase has given the club “renewed optimism for the future.” Eagle’s Bluff, the featured attraction of a gated community that lies along Lake Palestine outside Tyler, features an 18-hole, Carlton Gipson-designed golf course. It was once known as the Challenge at Eagle’s Bluff, part of a collection of courses owned by David Carlile.

     Beaufort, North Carolina. Culminating a process that took nearly a year, a development-minded duo from Raleigh has taken possession of North River Club. Todd Saieed and Ven Poole haven’t revealed what they paid for the seven-year-old club, which has been in financial trouble for several years. The club, which features an 18-hole, Bob Moore-designed golf course, is the centerpiece of a 629-acre community that could have as many as 1,500 houses, along with a retail/commercial area, at build-out. Thanks to a moribund local housing market, so far only 35 houses have been built.

     Palm Coast, Florida. A defunct golf property in Flagler County has sold for less than the price of some surrounding houses. A Jacksonville-based group led by Stephen Richardson and Michael Yokan reportedly purchased Matanzas Woods Golf Course, an Arnold Palmer-designed track that hasn’t operated since 2007, for a measly $266,750. The sellers reportedly paid $2 million for Matanzas Woods and two other nearby courses in 2011.

Sunday, October 26, 2014

The Week That Was, october 26, 2014

     As far as the PGA of America is concerned, Ted Bishop never existed. His nearly two-year term as the group’s 38th president never happened. He never fought against the proposed ban on anchored putters, he never established a task force to test non-traditional ideas for growing the game, and he wasn’t responsible for appointing Tom Watson as the captain of this year’s miserable Ryder Cup team.
     Ted who?
     Like others in many walks of life, Bishop lost his job -- and lost it literally a month before his term was to expire -- because he made ill-advised tweets. Specifically, he made what the PGA described as “insensitive gender-based statements” in an online exchange with professional golfer Ian Poulter.
     Make no mistake: Bishop’s tweets were inappropriate and clearly worthy of punishment. Words matter, and they matter especially when they’re spoken by someone in a position of power.
     But is the PGA’s punishment commensurate with Bishop’s crime? Because Bishop has received what amounts to a professional extermination. In an act that might have been scripted by the Russian politburo, the PGA has forever made him a persona non grata and plans to strip him out of the group’s history. Bishop will never be able to show his face at a future PGA Championship or Ryder Cup match, never be honored as a past president, and never be invited to participate in PGA-sponsored events.
     Of course, there’s a certain absurdity involved in this business of vacating Bishop’s presidency. Like the NCAA (not to mention Josef Stalin, the world’s first Photoshopper), the PGA apparently believes that history can, when desirable, be rewritten. Fairly or not, however, Reggie Bush won a Heisman, the Fab Five played twice in the Final Four, and John Calipari won a bunch of games at UMass and Memphis that he no longer gets credit for. Asterisks can be added to record books and banners can be removed from stadiums, but memories can’t easily be erased.
     Damning Bishop to oblivion is a peculiar end to what Geoff Shackelford, during face time on the Golf Channel, called a “largely successful presidency.” To put the PGA’s verdict into perspective, rewind to the spring of 2013, when, in a room filled with many of golf’s most influential people, Sergio Garcia made a racist joke about professional golf’s biggest star. The outcome: Garcia received no punishment whatsoever -- no suspension, no fine, no anything. He simply apologized and then cashed his next paycheck.
     Bishop is the first president of the PGA to be dismissed while in office. As embarrassments go, his “impeachment,” as he called it, was probably punishment enough. Why did the PGA’s board feel it necessary to take a pound of flesh as well?

     The operator of a health-club chain in California’s San Francisco Bay area is on the prowl for golf properties that it can transform into “modernized country clubs.” Bay Club Company hasn’t spelled out exactly what the transformation will entail, but it’s got something to do with “fitness, sports and recreation, families with children, and hospitality.” We’ll learn more after Bay Club completes the renovations it aims to do at its first golf property, StoneTree Golf Club in Novato, which features a 14-year-old course that was co-designed by Johnny Miller, Sandy Tatum, and others. One change has already been made, as the club is now called Bay Club StoneTree. “This is just the beginning,” Bay Club’s president acknowledged in a press release. “We have identified and are in active conversations with several attractive acquisition candidates, including golf clubs, across California.” Bay Club’s purchases are being funded, at least in part, by York Capital Management, and it’s getting development advice from JMA Ventures.

     After lying low for a few months, Concert Golf Partners has purchased its eighth golf property. The Newport Beach, California-based group paid an undisclosed price for Sand Creek Country Club, a private venue in Chesterton, Indiana. The seller was a utility company based in Northwest Indiana. Sand Creek, which was established by Bethlehem Steel, features a well-regarded 27-hole complex and considers itself to be “the premier family-oriented country club in the Midwest.” In early 2014, CGP acquired Gaillardia Golf & Country Club, a financially troubled facility in Oklahoma City, Oklahoma. The company also owns four golf properties in Florida and one each in Maryland and North Carolina.

     Another domino has fallen for the PGA Tour. On its path to world domination, the tour has established a presence in South America, as it’s licensed its Tournament Players Club brand to a resort in Colombia. TPC Cartagena at Karibana features a two-year-old Nicklaus Design golf course that will host a $700,000 event on the Web.com Tour next year. “The PGA Tour has viewed South America as an important part of a larger picture,” said a spokesperson for the tour. The larger picture includes 32 TPC properties in the United States and another in Mexico. Eventually the tour hopes to create one in Beijing, China, and maybe another in Shanghai.

     Slowly but surely, real money is starting to flow into Asia’s professional golf circuit. Next year, despite a military coup and martial law, Thailand will host its richest golf event ever, the $2 million Thailand Classic. The tournament, jointly sanctioned by the Asian and European tours, will be played in February, at Black Mountain Golf Club in Hua Hin. “Thailand has been one of our strongest markets over the years,” the Asian Tour’s chairman said in a press release, “and the addition of a new event will cement the nation’s place as one of Asia’s golfing giants.” For comparison’s sake, it’s worth noting that $2 million in prize money is small potatoes compared to the purses that U.S. golfers compete for. In the United States, even the low-budget events -- the Franklin Templeton Shootout, the Barbasol Championship, the Barracuda Championship -- offer $3.1 million or more.

     Even if he has to say so himself, Greg “the Living Brand” Norman believes his new, links-inspired golf course in Vietnam will someday be ranked among the world’s elite. “I absolutely believe the Bluffs has the potential to be one of the top courses in the world,” he said at the course’s official opening. To be sure, Norman is generously paid to make such statements. He isn’t paid to make predictions, however, and he made a bold one during his visit: “I firmly believe that Vietnam will steadily evolve as another links destination as more courses like the Bluffs Ho Tram Strip are developed along the coastal areas of the country.” Sounds like an invitation to Mike Keiser.

Friday, October 24, 2014

Vital Signs, october 24, 2014

     Has Donald Trump been exaggerating the number of rounds that are played at his golf venue in Aberdeenshire, Scotland? In an interview with Golf Digest, Trump asserted that the resort’s Martin Hawtree-designed course is not only “full” but “doing record business” -- so busy, in fact, that he “can’t get friends of mine on the course.” To verify, in late July -- during the height of the golf season -- the magazine’s interviewer called Trump International Golf Links Scotland and discovered that “there were plenty of tee times available from the following day onward.” Clearly, these accounts don’t add up. So who’s kidding who?

     Speaking of Donald Trump, will his forthcoming golf courses in Dubai be among the last to be built in the emirate? Every golf market eventually maxes out, and the head of KPMG’s Golf Advisory Practice believes that Dubai may reach its natural limit sooner rather than later. “I honestly don’t think there will be as many [courses built in Dubai] as has been mentioned,” Andrea Sartori told Arabian Business. “I think realistically you might be able to see another three golf courses, four golf courses, in the next three years. You wouldn’t imagine seeing many, many coming onto the market.” Trump expects to open his first track in Dubai next year, and construction will soon commence on his second. More than most developers, he understands that more isn’t necessarily merrier.

     As part of an effort to lure tourists, Sri Lanka is hoping to become a hot spot for golf development. The island nation currently has just four 18-hole courses, according to the Daily Financial Times, but by 2020, with government-sponsored incentives, it hopes to entice private interests to build as many as 16 more. With a bevy of world-class properties, Sri Lanka’s tourism officials believe that vacationing golfers from Japan, China, and other Asian nations would be ripe for the picking.

     Lots of U.S. golf markets are overbuilt, but the financial squeeze is being felt acutely in Cincinnati, Ohio. Four golf properties in the metropolitan area have closed over the past year, which is, according to the Cincinnati Business Courier, more than the three that were lost during the entire prior decade. “I don’t see anyone building a new golf course in the Tri-State for a very long time,” a local course owner told the Courier. It’s virtually certain that the failed golf courses will eventually be replaced by subdivisions.

     The U.S. population may be aging, but it isn’t aging as quickly as the U.S. golf population. “From 1996 through last year, the average age of a hotel guest rose by roughly a year, to 46,” writes the New York Times, citing figures provided by D. K. Shifflet & Associates. “During the same period, the average age of a hotel guest who played golf went up by two and a half years, to roughly 49.” And here’s more evidence of how youth is wasted on the young: Last year, only 22 percent of the young people (those under 33) who vacationed at resorts took time out to play golf.

     The National Golf Foundation has submitted its tally of golf properties in China. According to the Jupiter, Florida-based trade group, the People’s Republic has 465 golf properties with a total of 700 courses. If you’re wondering, the NGF’s count is consistent with other reliable data regarding China’s golf industry.

Sunday, October 19, 2014

The Week That Was, october 19, 2014

     An investment banker has become one of the golf industry’s most powerful people. Martin “Golden” Slumbers, who’s spent the last 16 years in various high-level positions at Deutsche Bank, will succeed Peter Dawson as the chief executive of the R&A. Before he joined Deutsche Bank, Slumbers had worked for Price Waterhouse (now Pricewaterhouse Coopers) and Salomon Brothers. He also has a keen understanding of the golf business, as he belongs to an ancient private club in suburban London, England and carries a low handicap. A spokesman for the R&A says that Slumbers will “bring a great deal of experience” to his new job. Slumbers intends to join the the group in March for six months’ worth of on-the-job training, and he’ll take over officially in October 2015, when Dawson retires.

     Tom Doak may not be a fan of David McLay Kidd’s work, but -- for this year, at least -- Golf Digest is. The magazine has named Kidd’s Gamble Sands, a cheap-to-build, naturalist track in remote central Washington, as this year’s best new U.S. course. “Gamble Sands stands out because it represents a shift in attitude and a hope for the future of the game that is refreshing and encouraging,” Golf Digest believes. The long overdue “shift in attitude,” as the magazine sees it, is reflected in Gamble Sands’ “sheer playability” and its “celebration of fun” instead of difficulty. The magazine’s conclusion: “Kidd wants good players to relish opportunities to score on his layout, and he wants high-handicappers to shoot their best round ever.” The rest of the magazine’s top five consists of the Cliffs at Mountain Park (Gary Player, designer) in South Carolina, the Red course at Dismal River Club (Doak) in Nebraska, Sewailo Golf Club (Notah Begay) in Arizona, and Trump National Golf Links (Jack Nicklaus) in New York City.

     Tom Fazio has been appointed to toughen the venue that will host the golf competition at the 2020 Summer Olympics in Tokyo. The Hendersonville, North Carolina-based designer will oversee forthcoming renovations to Kasumigaseki Country Club’s East course, a C. H. Alison-designed layout that dates from 1930. “He emphasized that he would respect what we have here,” the club’s president told Golf magazine. “He will balance the natural feeling here with the improvements needed to challenge the best players.” Links magazine calls Fazio “one of the most sought-after designers in golf” and says he’s known for “consistently eye-pleasing and strategic courses that sit seamlessly on nearly any landscape.” The makeover will begin in October 2015.

     Fulfilling what it described as “a long-term goal,” Haseko Hawaii, Inc. has found a buyer for Hoakalei Country Club in West Oahu, Hawaii. The five-year-old club’s new owner is another Japanese company, Hirakawa Shoji Group, which says that it offers “dreams, hope, and happiness by building affluent society and attainable extraordinary space.” The sales price hasn’t been announced. Hoakalei, which had been on the market for more than two years, features an 18-hole, Ernie Els-designed golf course. It’s Hirakawa Shoji’s first golf acquisition in the United States. The company owns one golf course in Japan, at Taishi Country Club in suburban Osaka.

     Since he no longer plays much golf -- only five or six rounds a year, by his own admission -- these days Greg Norman finds satisfaction in being what he calls “a walking conglomerate.” He’s referring, of course, to his endless stable of commercial enterprises, among them ventures in the wine, beef, apparel, turf, and golf-design trades, all of which have helped to give him an estimated net worth of $300 million. “I love being a living brand,” he beamed during a recent appearance on Fox Business News. Still, the Living Brand has his gripes, because he believes that the United States -- where he, an Australian, has lived for 30 years -- treats wealthy people unfairly. “I love making money,” said Norman, echoing remarks Phil Mickelson made last year, “but I hate paying all the taxes you’ve got to pay.” Here’s a news flash, Greg: We all hate paying taxes. But we write our checks without complaining about it in front of millions of people, secure in the knowledge that an ambulance will be promptly dispatched if we nearly slice off a hand while trimming trees in our back yards.

     Speaking of inane commentary, Donald Trump thinks that the rough-edged rejuvenation of Pinehurst #2 is not only “very bad for golf” but will eventually “kill golf.” In other words, Coore & Crenshaw is golf architecture’s ebola. “Golf is very much about beauty,” Trump opined to Golf Digest. “And they took the beauty away.” Unfortunately for Trump, beauty is and will forever be in the eye of the beholder, and the naturalist aesthetic is spreading like a virus, infecting forward-thinking designers all over the planet.

Friday, October 17, 2014

The Pipeline, october 17, 2014

     A coastal stretch of southern Ithaca Island -- the place that served as the mythological home of Odysseus, a hero of the Iliad and the Odyssey -- may soon become one of the largest resort communities in Greece. Ithaca, a small island in the Ionian Sea that’s been described as “a virgin area” and “completely unspoilt,” may eventually become the home of Iliad Resort, which is to feature more than 1,000 villas, condos, and hotel rooms, a marina capable of berthing 200 mega-yachts, a waterfront village, and an 18-hole, Greg Norman-designed golf course. Portfolio International Holdings, a group led by Ian and Chris Meredith, is developing the Iliad for Smenter Limited. Ian Meredith and Norman are long-time colleagues, as Meredith formerly served as a vice president of the U.S. arm of Medallist Developments, a company jointly owned by Norman and Macquarie Bank. A construction schedule for the Iliad hasn’t been set, though the parties involved claim to be eager to begin “as soon as possible.”

     A resort-style golf course may be among the attractions at the first Disney resort on mainland China. The course would be among the attractions at Shanghai Disney, which is taking shape on roughly 975 acres in the Pudong District of Shanghai. Shanghai Disney is scheduled to open in December 2015. Its attractions will feature “classic Disney storytelling and characters,” according to the company, but with “authentic cultural touches and themes tailored specifically for the people of China.” Disney’s global development team is discussing golf possibilities with Brian Curley of Scottsdale, Arizona-based Schmidt-Curley Design. On his own or with “signature” partners, Curley has helped to design dozens of golf courses in the People’s Republic, including the gigantic Mission Hills resorts in Shenzhen and on Hainan Island.

     The original version of the preceding post first appeared in the June 2014 issue of the World Edition of the Golf Course Report.

     The farm that served as a setting for scenes in Something To Talk About, the mid 1990s film starring Julia Roberts and Robert Duval, may soon sprout a golf course. Davant Plantation, one of South Carolina’s grand old plantations, occupies more than 2,000 acres outside Gillisonville, northwest of Hilton Head Island. The developer has been identified as Mike Mola, who I believe is the pro at Diamond Creek Golf Club in Banner Elk, North Carolina. Mola hopes to break ground on the 18-hole track next month.

     A Chinese investment group has unveiled plans for Singulari, a mega-resort in Antigua & Barbuda that will include a 27-hole golf complex. Yida International Investment Antigua, Ltd. has signed a memorandum of agreement to develop resort, which will occupy 1,517 waterfront acres on Antigua and other islands. Singulari will be the largest development venture in the region, reportedly 50 percent bigger than the soon-to-open Baha Mar resort in the Bahamas. In addition to the golf complex, it’ll feature a casino, 1,300 houses, five hotels (1,060 total rooms), a conference center, a marina, a retail/commercial area, and other attractions. The property was originally to be developed by R. Allen Stanford, a U.S. financier who established a fraudulent banking empire in Antigua and operated it until 2009, when he was arrested for running a Ponzi scheme. Stanford, who was convicted in 2012, is now serving a 110-year sentence for his crimes.

     The original version of the preceding post first appeared in the July 2014 issue of the World Edition of the Golf Course Report.

     A Gurgaon-based developer hopes to build a waterfront resort community in a place once called “the French Riviera of the East.” Vatika Group aims to build the to-be-named community on 200 acres outside Puducherry, a city along the Bay of Bengal in southeastern India. The community is expected to consist of villas, a boutique hotel, and a golf course (most likely a nine-hole layout) designed by Robin Hiseman of European Golf Design. These days Hiseman also has a project closer to home, as he designed the 18-hole track that JCB, Ltd. is building at its headquarters in Staffordshire, England.

     The original version of the preceding post first appeared in the June 2014 issue of the World Edition of the Golf Course Report.

     Europe’s most successful Ryder Cup captain of all time has agreed to design a par-3 “championship” golf course in Buckinghamshire, England. Tony Jacklin’s 18-hole track will complement the existing course at Magnolia Park Golf & Country Club, which seeks to become what it calls “a real golfing destination.” The club, in the town of Boarstall (it’s just outside Oxford, roughly 50 miles northwest of London), currently features an 18-hole, regulation-length layout designed by Jonathan Gaunt. “I have been an advocate of par-3 golf for many years,” Jacklin said in a press release. “I believe it is the future of golf.” Jacklin, who’s based in Bradenton, Florida, has designed a handful of golf courses around the world, among them San Roque Golf Club in Cadiz, Spain; Klassis Golf & Country Club in suburban Istanbul, Turkey; and Bouskoura Golf Course outside Casablanca, Morocco.

     An oil company is proceeding with plans to build a golf-focused resort in “the Switzerland of Kazakhstan.” KazTransOil-Service JSC aims to build Borovoe Village Resort on 256 acres along Lake Shuchye in the nation’s Borovoe region, a vacation spot that’s been described as being “more beautiful than a fairy tale.” The resort, which has been in the works since 2011, will feature cottages, a hotel, a spa, a beach club, a water park, a marina, and a Peter Harradine-designed 18-hole golf course. In 2011, when Harradine received the commission, he said the track would “offer the possibility of holding international tournaments” but would also be “easy to play.” KazTransOil hopes to open the golf course next year. The company owns a sanatorium in southern Kazakhstan, as well as an 18-hole golf course at SaryAgash Golf Club.

     The original version of the preceding post first appeared in the June 2014 issue of the World Edition of the Golf Course Report.

     In an attempt to ensure its future, the oldest golf club in Queensland, Australia has decided to downsize. Townsville Golf Club, which has had a 27-hole complex since the late 1980s, has sold part of its 180-acre property -- nine holes’ worth -- to a home builder. With the proceeds from the sale, it plans to build a new clubhouse and create what it’s called “a sustainable, regional-level golf course.” Karrie Webb, Australia’s best-known and most successful female golfer, will serve as a consultant to the redesign, but the architectural heavy lifting will be done by Bob Harrison, the former lead designer for Greg Norman’s firm. The club is located in Rosslea, outside the city of Townsville, on Queensland’s northeastern coast. It was established in 1893 and moved to its current location in 1924, and it’s been losing members for a decade. Its downsizing has been in the works since the mid 2000s.

     The original version of the preceding post first appeared in the August 2014 issue of the World Edition of the Golf Course Report.

Sunday, October 12, 2014

The Week That Was, october 12, 2014

     Classic Golf Group, one of the best-known owner/operators on the Grand Strand, is getting out of the golf business. The Conway, South Carolina-based company has agreed to sell its three remaining golf properties to a Chinese group and then ride off into the sunset. “I think it’s time to move on,” said Ed Jerdon, the last surviving member of CGG’s ownership entity, who noted that, given the state of the local golf market, he was “relieved for my shareholders.” According to the Myrtle Beach Sun News, Yiqian Funding will pay $11 million for Burning Ridge Golf Club in Conway, Indian Wells Golf Club in Garden City Beach, and Founders Club in Pawleys Island, and it reportedly already has its eyes on other golf properties in the area. When the transaction with CGG is finalized, the newspaper says, Chinese investors will have purchased eight courses on the Strand within the past 15 months.

     With faith in the future and confidence in his business plan, John McConnell continues to cherry-pick distressed golf properties in the Carolinas. For an undisclosed price, his McConnell Golf Group has acquired Brook Valley Country Club, a nearly 50-year-old venue in Greenville, North Carolina. It’s the eighth property in McConnell’s fast-growing portfolio, a collection that now includes six clubs in North Carolina (among them Treyburn Country Club in Durham and Sedgefield Country Club in Greensboro) and two in South Carolina. “We consider the whole region a future growth market,” McConnell told the Raleigh News & Observer. The sale ends months of uncertainty for Brook Valley, which, in a failed attempt to survive, had attempted a merger with Greenville Country Club.

     Just days before it stages one of its marquee events, the struggling European Tour has lost a major corporate sponsor. Volvo, reportedly the tour’s oldest benefactor, has pulled its funding for both the World Match Play Championship, which has had trouble attracting professional golf’s top performers, as well as the annual Golf Champions tournament. The Telegraph describes the Swedish car manufacturer’s withdrawal as “a huge blow to the tour,” which will be forced to bankroll or cancel the Volvo events until it finds replacement sponsors. Despite the decision, Volvo hasn’t soured on golf. Although the company is cutting back on its spending in Europe, it intends to extend its sponsorship of the China Open for five more years.

     With financial assistance from Wall Street, Arcis Equity Partners continues to make investments in the golf industry. Just weeks after agreeing to buy 48 golf venues from CNL Lifestyle Properties, the Irving, Texas-based private equity firm appears to have taken a controlling interest in Eagle Golf, a firm that manages 29 properties in seven U.S. states. Joe Munsch will continue to oversee Eagle Golf’s operations, but Arcis’ managing partner, Blake Walker, will become the company’s CEO. “With Arcis’ support, Eagle is now poised to expand its reach throughout the United States and into the private club market,” Munsch said in a press statement. Arcis’ investments are funded by New York City-based Fortress Investment Group.

     A Vietnamese resort community that’s been fine-tuned to the tastes of Korean vacationers will soon open its second 18-hole golf course. Sky Lake Golf Resort, an hour’s drive southwest of Hanoi, unveiled its first course, the monstrously long (7,887-yard) Lakes track, in 2012, and it expects to debut its only somewhat shorter (7,265-yard) Sky course by the end of the year. Both courses were designed by An Lee Hwan, a Korean architect who presumably understands what his countrymen expect while on a golf holiday. Sky Lake is being developed by a Korean group, DK ENC Company, Ltd., which aims to create what it calls “one of the best courses in Southeast Asia.” To enhance its chances, the company has hired IMG to manage the golf operation. Not surprisingly, the resort’s in-house pro is Korean, and Golf Asian says that the 500-acre resort serves “excellent Korean food.”  

     The original version of the preceding post first appeared in the October 2014 issue of the World Edition of the Golf Course Report.

     Before his career as a professional golfer completely fizzles out, Tiger Woods plans to open a restaurant. Considering the firestorm that Sergio Garcia touched off last year, do you think anybody in golf has the nerve to make any jokes about the menu?

Friday, October 10, 2014

Desolation Row, october 10, 2014

     Baton Rouge, Louisiana. Louisiana State University’s 53-year-old golf course, recently renovated by Jim Lipe, may soon take a permanent recess. Although “the exact future of the course is unknown,” writes the Daily Reveille, “there are questions as to whether an entire 18-hole course is necessary.” A decision regarding the course’s future is expected to come “in the next several months.” Best-case scenario: Nine holes survive.

     Hastings, Minnesota. After bleeding red ink for most of this century, Hastings Country Club has reached the end of the line. The club, which was established in the 1940s, closed late last month and hopes to continue operating with a new owner, presuming one can be found. Hastings died a slow death. The final nail in its coffin was struck in August, when its remaining 230 members refused to approve a $2,000 assessment that would have allowed the club to hang on for a while longer. The vote was 97 percent against.

     Land O’Lakes, Florida. Plantation Palms Golf Club bit the dust in mid May, and there’s no reason to believe its current owners plan to revive it. “Nobody knows anything,” the president of the accompanying homeowners’ association told the Tampa Bay Times. “There’s nothing happening.” Plantation Palms’ 18-hole, David Harman-designed course opened in late 2000. A trio of Native Americans, operating as MJS Golf Group LLC, bought it in 2011, reportedly for $2.18 million. The LLC stopped maintaining the property in June.

     Franklin Lakes, New Jersey. Sometime in December 2014, the last rounds will be played at High Mountain Golf Club. Toll Brothers has agreed to buy the nearly 50-year-old club, provided that it can secure permission to build 275 houses on its 18-hole golf course. “It’s tough to chew,” a member told the Record. “But I guess I understand people have land and they want to sell it and get rid of it.” The newspaper reports that High Mountain will be the first 18-hole course in Bergen County to close in more than a quarter century. The club currently has about 140 members, down from a high of 400 several years ago.

     Myrtle Beach, South Carolina. The end is near for Wicked Stick Golf Links, as an unidentified home builder has agreed to buy more than half of the John Daly “signature” golf course. “The piece of land that Wicked Stick is currently sitting on is very valuable, and I think the ownership knew that when they bought the course,” the property’s director of operations told WBTW-TV. Daly co-designed Wicked Stick, which opened in 1995, with Clyde Johnston. The Myrtle Beach Sun News reports that the 18-hole course, which occupies 149 acres, had been listed at $6.55 million.

     Irving, Texas. Twin Wells Golf Course -- “one of the worst golf courses in North Texas,” according to the Dallas Morning News, and “the least-played municipal course in the region” -- needs nearly $5 million worth of upgrades that city officials are reluctant to fund. “It’s clearly in a death spiral,” one of them believes. The city is expected to replace the course’s private-sector operator, who’s reportedly stopped making lease payments.

     Rocklin, California. Charles Gibson wants to build 30-some houses on property owned by his Rocklin Golf Club, and he’s threatening to shut the place down if he isn’t given permission to do so. “I can’t stay here with no return on the investment and lose money each year to keep this what it is,” he said at a recent public forum. “Something has to change.” The club’s 18-hole golf course, designed by Billy Bell, opened in 1963, as Sunset Whitney Country Club. Gibson and a partner reportedly paid $2.5 million for Sunset Whitney in 2011. Maybe it’s only a coincidence, but Sunset Whitney’s former owners also wanted to develop some housing on the club’s property.

     Lake Orion, Michigan. The 27-hole complex at Bald Mountain Golf Course will almost certainly soon succumb to development pressure. “I’d love for Bald Mountain to be a golf course forever,” an Orion township official told the Oakland Press, “but if you look around the country, golf courses aren’t as viable as they used to be.” The property’s likely new owner is Pulte Home, which believes the 236-acre site can accommodate 387 single-family houses. Bald Mountain, a venue for beginners and those who can’t afford to play at the Detroit area’s better-maintained golf facilities, has operated since the late 1920s.

     West Monroe, Louisiana. Trenton Street Golf Course, a municipally owned nine-hole track, is scheduled to expire on New Year’s Eve. Matt Owens has operated Trenton Street since 2002, when he leased the defunct Riverside Golf Course and brought it back to life, but he no longer wishes to cover its losses. The city may turn the 64-acre property into a park.

     Kingman, Kansas. Marvin Miller can’t even give his golf course away, and that’s bad news for golfers in suburban Wichita. “I don’t know what I’m going to do,” he told the Hutchinson News. Late last year, Miller sold Kingman Country Club and its nine-hole course to a local golf pro, but he was forced to take it back due to extremely unfortunate circumstances. More recently, he tried to give the club to a local foundation, but it said no. And the city doesn’t want it either. Miller doesn’t want to close the club -- “You lose your course, you lose a part of your town,” he believes -- but he’s running out of options.