Golf Inc. - October 2008 - (Page 8)

Top News Troon strengthens grip on Middle East market The world’s largest golf course operator has expanded its involvement in the fastgrowing Middle East market. Troon Golf, which has more than 200 courses in its worldwide portfolio, in August signed a strategic alliance with the Tourism Development and Investment C o. (TDIC), the leading tourism developer in the United Arab Emirate of Abu Dhabi. The deal puts Troon, which already owns or operates four courses in the UAE, in position to direct Abu Dhabi’s ambitious golf development program. And with Leisurecorp, one of Dubai’s top The Els Club in Dubai is one of a number of United Arab Emirates courses managed by Troon. Sales scorecard Augusta Ranch Golf Club East Mesa, Ariz. BUYER: Your Source Golf SELLER: A.R. Development LLC PRICE: $1.8 million An 18-hole executive course, the daily fee Augusta Ranch was purchased by a company led by Don Rea, who had taken over management in late 2007. Rea is expected to focus on growing play at the 85-acre course designed by Bill Phillips. It currently hosts about 37,000 rounds per year. Greens fees at the property range from $9 for nine holes to $13 for 18 holes. A.R. Development, an affiliate of developer Communities Southwest, sold the course as part of a decision to exit the golf business and focus solely on land development. Kinloch Golf Course Taupo, New Zealand BUYER: Undisclosed SELLER: Hanover Group PRICE: $50-55 million (est) The purchase, by an unidentified domestic buyer, included a Jack Ni c k l au s - d e s i g n e d c ou r s e a n d clubhouse, along with 68 residential units, a lodge-hotel site, residential clubhouse and 50-unit villa complex. Hanover Group had financed the development of the 345-hectare golf resort. The buyer reportedly plans to continue work on the property. The course, which cost an estimated $16 million to build, had opened in March 2007, however, the project subsequently had run into financial difficulty and the developer was unable to complete the work. Less than a quarter of the 176 lakeside lots in the project had been sold. The Course at River Oaks Searcy, Ark. BUYER: Jim House Properties SELLER: River Oaks Land Development PRICE: $3.5 million (est.) The 126-acre course is one of only three golf properties in the county where it is located. House, who takes over as manager of the course, is a retired insurance executive who has been a member of the semiprivate club since its first nine holes opened in 1992. He hopes to increase membership from the present 225 to about 400. Average membership cost now is about $108 per month. It hosts 18 tournaments each year. In 2007, the course totaled about 32,000 rounds. 8 Golf Inc. October 2008

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Golf Inc. - October 2008 Contents From the Editors: Smaller is Less Costly Survey Reveal Golf's Economic Impact in EMA Private Club Managers Earn Bigger Salaries Dyes Mourn Loss of Family Member Changing Demographics Impact European Golf Scene RDC Golf Group Finds Affordable Golf Niche Links at Summerly Offers Unique Twist Cost Crunch Most Powerful People in Golf Contractors Focus on Renovations, International�Projects Troon, IMG Reach Into Booming Middle East Market Americas Recap: New Player Design in Mexico Europe-Africa Recap: Moroccan Lakeside Development Asia-Australia Recap: 3 Billion Dollar Resort in Vietnam The Last Word: There's No Substitute for Good Friends on a Golf Course

Golf Inc. - October 2008

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