Golf Inc - August 2008 - (Page 36)

Golf still booming in paradise REGIONAL UPDATE International investment fuels wave of golf development for resorts in Mexico, Caribbean ly to the government relaxing rules on ownership of land in order to encourage foreign visitors to buy vacation properties or full-time homes on the island. “Land has increased in value there compared to what it was a few years ago,” Evans said. “But it’s still affordable for developers. And of course, it’s easier to get approvals to build than it is in the United States.” Another boon to development has been an increasing number of airline flights, both commercial and charter, serving the Dominican Republic from both the United States and Europe. The Dominican government has invested heavily in improving airports and the infrastructure of roads. “It takes a nine-hour flight to get there from Germany or the UK, but Europeans seem to be willing to make that trip,” Evans said. One of the most dynamic new developments in the Dominican Republic is Cap Cana, a 37,000-acre resort and residential project on a coastline of crystal clear waters. The property includes dramatic bluffs and emerald green valleys. Troon is 36 Golf Inc. August 2008 A n influx of money from around the world has created a surge in golf resort building in the last few years in the Caribbean and Mexico. While there has been a recent slowing of the pace of development as economic conditions in some parts of the globe have created uncertainty, there still are dozens of projects in the works. “The Caribbean is definitely a hotbed of development,” said Jarrad Evans, vice president for business development for Scottsdale, Ariz.-based Troon Golf . “It has slowed down some,” he said. “Builders are being a little cautious, but lenders are still looking for opportunities. Over the next year or two it could ramp up a bit.” He said Troon has been involved in 11 projects in the area, including 13 courses. One booming area for golf development is the Dominican Republic, Evans said, with numerous world-class golf destinations in the works. The Dominican Republic covers the eastern two-thirds of the island of Hispaniola, the second largest island in the Greater Antilles. Hispaniola lies west of Puerto Rico and east of Cuba and Jamaica. Evans attributed the growth there part- managing the first course completed at the development, Punta Espada, a Jack Nicklaus layout that got rave reviews from sports announcers when a Champions Tour event was held there last winter. Once Cap Cana is further along, Punta Espada will go from public to private. Another Nicklaus course, Las Iguanas, is now being built. Troon has also been working on another huge Dominican Republic resort, Roco Ki, now under construction. It will have a Nick Faldo course and a Westin resort with about 350 units, including condos. “Nine holes of the course are already open; the resort will open in the fall,” Evans said. Another island with potential for a future surge, he said, is Saint Lucia, where several projects are being planned. Located in the eastern Caribbean Sea, it is part of the Lesser Antilles. Great Britain and France have controlled Saint Lucia at times, but it has been independent since 1979. A Greg Norman course is already being built at Le Paradis, a Westin resort. The Ritz Carlton is planning a resort with a Jack Nicklaus-designed course on the http://www.troongolf.com

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Golf Inc - August 2008 Contents Editors Column Around the Industry: Big Green in Arizona Data Collectors Combine Forces GPSI Hires Chessler, Files Suit Americas Europe/Africa Asia/Australia Machrihanish Dunes Draws on the Past to Make History Again in Scotland Innovative Superintendent Finds Way to Keep the Nation's First Totally Organic Course Green Latest Clubhouse Designs Reflect Changing Lifestyles: It's All About Casual Camelback Conference Brochure More Operators Embracing Initiatives Aimed at Bringing Families Together on the Golf Course State of the Industry 2008 Muni Maddness? The Last Word

Golf Inc - August 2008

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