ClubCorp to Add 171 Holes of Golf with $44M Acquisition | Sports Destination Management
 

ClubCorp to Add 171 Holes of Golf with $44M Acquisition

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Apr 06, 2015

ClubCorp will add six clubs to its corporate golf bag with the acquisition of four private, one semi-private and one public golf course. The news broke in this article in the Dallas Business Journal.

The article noted: “The Dallas-based company, which owns and operates more than 200 golf, country, business, sports and alumni clubs in 26 states, is buying the rights to 171 holes of golf for just under $44 million. The sellers, Stratford Golf Partners and Accord Golf Capital, will be paid from ClubCorp’s existing liquidity.

“This acquisition represents one of the smaller portfolios that continue to be attractive to us, and is consistent with our strategy to grow via acquisition and reinvention,” ClubCorp President and CEO Eric Affeldt said in a news release “These clubs fit well with our stated goal to continue consolidating a very fragmented industry.”

As with its other acquisitions, ClubCorp plans to renovate the new clubs with additional amenities and programming. Members of the purchased facilities can access ClubCorp benefits such as free green fees and dining at 300 private clubs and 1,000 hotels, resorts and entertainment venues across the country.

Coming off the news, ClubCorp's stock is down slightly, trading at $18.57 per share as of noon Eastern Time. It closed at $18.60 on Friday.

The purchase will add the following clubs to ClubCorp’s portfolio:

Bermuda Run Country Club – Bermuda Run, North Carolina

  • 36 holes of golf

  • Two clubhouses

  • Olympic pool with lazy river

  • Tennis center

Brookfield Country Club – Roswell, Georgia

  • 18 holes of golf

  • Clubhouse with banquet rooms

  • Pool

  • Tennis and fitness facilities

Firethorne Country Club – Marvin, North Carolina

  • 18 holes of golf

  • Clubhouse

  • Water park with four pools

  • Tennis center

Ford’s Colony Country Club – Williamsburg, Virginia

  • Three 18-hole golf courses

  • Indoor and outdoor practice facilities

  • Clubhouse with upscale and casual dining

Legacy Golf Club at Lakewood Ranch – Bradenton, Florida

  • 18-hole Arnold Palmer’designed championship golf course

  • Practice facilities

  • Grill

Temple Hills Country Club – Franklin, Tennessee

  • 27 holes of golf

  • Clubhouse

  • Junior Olympic-sized pool

  • Tennis facility

Read the full article here.

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