The Pellucid Perspective - April 2021 - 16

COMINGS
& GOINGS

Transactions Quantity & Variety Still the Story

L

ooking at the public domain, tracked activities since our
The award for the most interesting story is the surprise/sudlast issue, March continued the pattern we're seeing early den closing of Rose Hill which has a back story of the manin the season of few closures and transactions dominat- agement company (principal) being charged resulting from
ing the activity landscape dotted with a few new/re-opens. continuing retail operations after having that license revoked
What's fun to watch and analyze though is the " creativity fac- earlier in the year. He's out on bail while they sort out that
tor " is going up in the structures and parties involved in those " misunderstanding " but seems pretty clear that you don't opertransactions.
ate after being officially notified of revocation but he maintains
News continues to trickle out that TX-based C-BONS Golf his innocence. To make it more interesting, the Stephens Golf
Group continues its strategy to exit from seasonal golf (<12 Group, while this is going on, is the operator of choice for the
month markets) with the divestiture of 3 courses reported on Island West GC which was bought by the homeowners and sein the accompanying table. What's interesting is that all 3 an- lected this individual and his operating company to guide their
nouncements came through local news groups and investigative ship as the new owners. At least the HOA is aware of the Rose
reporting vs. any central or coordinated communication from Hill situation but I wonder about the wisdom of their public
C-BONS. I guess when it comes to PR, to each their own...
statement which essentially said, " We have full faith and confiAmong those activities that have big-name appeal, we offer dence in this company and principal. " We'll bet we're going to
up Tiger Woods' Pebble Beach 9 hole layout reported to open get a chance to revisit this saga in the 2nd half of the year, any
this month. Club & Resort Business' Rob Thomas does a nice takers who want to take the " it'll all work out " side?
overview of the vision, clever historical references in
the layout and hole designs and a cute nostalgic photo
Tiger Woods' Pebble Beach 9 hole
of a sea lion on the green that's also lifted from history
layout reported to open this month.
for the logo of the new layout. The other " celebrity " in
the news this month is the finalization of a Los Angeles deal between TopGolf and Montebello CA City
(Councilors) to convert the 18 hole (perennial moneylosing) public course into a TopGolf facility + 9 hole
reversible course and a bunch of other " goodies " that
kept being added to the wish-list as the City learned
of other deals done in CA and what they hadn't initially been bold enough to ask for. This ought to be
interesting to see how it turns out and may be part of
the long-term TopGolf strategy of explaining/demonstrating that " golfertainment " could co-exist and
possibly complement physical (vs. virtual) golf. We're
sure you already read Stuart Lindsay's story on this
topic before you got to this, the final page of our issue!

Golf's landscape changes
Event

Course

Open/Re-open

The Hay (Pebble Los Angeles CA
Beach)

DMA

Type/Holes

Summary

Pub/9

Tiger Woods project, lots of creative thinking
involved in layout, holes, marketing etc. Kids <12
play free, putting course open to all; something
that doesn't cost an arm-and-a-leg @ Pebble?

Closed

Transacted/
For Sale

Salem Glen Golf Greensboro-High Pub/18
and Country
Point-Winston
Club
Salem NC

16 The Pellucid Perspective

Bought by an LLC at same address as TreeTop
Development in Teaneck NJ, Nicklaus course,
owner Darren Mangus sells for $1.575M, Triad
Bus. Journal put '19 revenue at $2M, that would
be Gross Inc. Multiplier of 0.78x for a Nicklaus
signature course (ouch!)

April 2021

https://www.clubandresortbusiness.com/tiger-woods-designed-short-course-at-pebble-beach-set-to-debut/ https://www.clubandresortbusiness.com/tiger-woods-designed-short-course-at-pebble-beach-set-to-debut/ https://www.clubandresortbusiness.com/tiger-woods-designed-short-course-at-pebble-beach-set-to-debut/

The Pellucid Perspective - April 2021

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