The Pellucid Perspective - February 2021 - 16

COMINGS
& GOINGS

Light month in activity but several
interesting " storylines "
(this is the 3rd, not a deluge but gaining momentum) where a
Private Club is asking (with some leverage) the local city/town
to buy their land and do a long-term leaseback. In the case of
Southington CC in the state of CT (why does this not surprise?) the club is asking the town to buy the property for ~$5M
(based on the value of vacant land which they could legally sell
off for development) and do a leaseback for the benefit of the
members. We'll say that if everything goes according to pro
forma it actually could be a win-win but let's think about the
last time one of these did that...yea, we couldn't think of that
situation or year either.
It will be interesting to see if this monthly list of activities
shrinks, grows or stays the same as we progress into the '21 season and get a better understanding of how much of '20's benefit
we're able to retain and how it shapes the plants/plows/transacts
picture. Stay tuned...
Turkey Creek Golf Course
Gainesville, FL

HTTPS://WWW.FACEBOOK.COM/TURKEYCREEKGOLFLLC

L

ooking at the public domain, tracked activities since our
last issue, January was a " stealth " month with only 5 activities hitting our radar. Of the 5 activities listed, lateral
movement (Transactions/Listings) continues to lead the way
with 2 events.
Let's start with the " feel good story of the year " (realizing it's
only January but it does make you want to cheer nonetheless).
Turkey Creek GC re-opened in Gainesville FL after a 2-year
hiatus due to sweat equity by a local group of investors, some
creative financing and the backing of the local community and
adjacent homeowners. Given the COVIdend surge in rounds,
we know they couldn't have foreseen this when they started the
effort back '19 but their timing could turn out to be impeccable.
In the Redevelopment column, the story behind the (formerly) VFW-owned Indian Springs Golf & CC in PA is a tale
of poor accounting, bad faith and insufficient communication
(sounds like a chapter out of the VA Hospitals playbook but
we'll stop there before we're sued for slander). The local VFW
was trying to save the club so they put up a " hail Mary " asking
members to pony up $50K/ea to help them keep the club afloat.
After some number did, turns out that wasn't enough so, instead
of refunding the " fronted " money, the financial geniuses managing the VFW's affairs did what they could to balance the books
with the cash float and then went out and found a buyer with
the " less-red " balance sheet. When members complained about
the bait-and-switch, they were told that the deal was done and
the money had been absorbed; so sorry. We'd like to add a pithy
line of advice and wisdom here but not sure how you advise
well-meaning people to not get ripped off by inept financial
managers behind a causeworthy veterans organization.
The last noteworthy event is the latest in a trend we're seeing

Golf's landscape changes
Event

Course

DMA

Type/Holes

Summary

Turkey Creek GC Gainesville, FL

Pub/18

" Sweat equity " labor of love by local group,
creative funding, HS golf team chipped in (in
exchange for future free practice/play), " feel
good " story about resuscitating a dead facility in a
relatively small community

Bay Pointe GC

Detroit MI

Pub/18

Wilkshire GC

Cleveland-Akron Pub/18
(Canton) OH

Listed for $8.95M, course, clubhouse, restaurant,
banquest facility and Middle Straits Lake frontage;
still open and accepting event bookings for '21
but would you book a major event in the future at
a facility for sale?
Bought by West Creek Conservatory and will be
converted to park end of '21 season. Saves the
greenspace, just not for " a good walk spoiled " in
'22 and beyond

Open/Re-open

Closed

Transacted/
For Sale

16 THE PELLUCID PERSPECTIVE

FEBRUARY 2021


https://www.facebook.com/TurkeyCreekGolfLLC/

The Pellucid Perspective - February 2021

Table of Contents for the Digital Edition of The Pellucid Perspective - February 2021

TOC
Retain half the gain in ‘21; a realistic national industry rallying cry
Applying Kentucky Windage to distance debate, betting and 2020’s performance
January GPH gives a cold shoulder, lots of golf left to play though
Dec Utilization up on continued rounds strength, finishes the year ~60%!
Tampa weighs in at #20 in new ranking, can’t bring ourselves to call it “Cham-pa”...
Only 5 Activities but some interesting “story situations”
The Pellucid Perspective - February 2021 - TOC
The Pellucid Perspective - February 2021 - Retain half the gain in ‘21; a realistic national industry rallying cry
The Pellucid Perspective - February 2021 - 3
The Pellucid Perspective - February 2021 - 4
The Pellucid Perspective - February 2021 - 5
The Pellucid Perspective - February 2021 - Applying Kentucky Windage to distance debate, betting and 2020’s performance
The Pellucid Perspective - February 2021 - 7
The Pellucid Perspective - February 2021 - 8
The Pellucid Perspective - February 2021 - 9
The Pellucid Perspective - February 2021 - January GPH gives a cold shoulder, lots of golf left to play though
The Pellucid Perspective - February 2021 - 11
The Pellucid Perspective - February 2021 - Dec Utilization up on continued rounds strength, finishes the year ~60%!
The Pellucid Perspective - February 2021 - 13
The Pellucid Perspective - February 2021 - Tampa weighs in at #20 in new ranking, can’t bring ourselves to call it “Cham-pa”...
The Pellucid Perspective - February 2021 - 15
The Pellucid Perspective - February 2021 - Only 5 Activities but some interesting “story situations”
The Pellucid Perspective - February 2021 - 17
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https://www.nxtbook.com/nxtbooks/pellucid/perspective_201811
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https://www.nxtbook.com/nxtbooks/pellucid/perspective_201609
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https://www.nxtbook.com/nxtbooks/pellucid/perspective_201411
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https://www.nxtbook.com/nxtbooks/pellucid/perspective_201109
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https://www.nxtbook.com/nxtbooks/pellucid/perspective_201106
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201105
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201104
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201103
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201102
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201101
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