The Pellucid Perspective - June 2021 - 16

COMINGS
& GOINGS
Pretty Quiet on the Western Front
A
fter a relatively busy April (31 events), we dropped back
into the previous pattern of 10-20/month based on our
monthly monitoring of multiple public domain news
sources. The predominant activity the first 5 months of '21
has been renovations and remodels as the " new cash " for both
private and public courses is getting redeployed in a number of
(ambitious) instances.
Transactions again top the leader board of activities with 8 of
our 11 activities followed by 3 additions to golf supply (2 " new
dirts " and 1 re-opening) and Private Clubs are disproportionately
represented in the transactions vs. their contribution to overall
US supply (~25%). Seems like the memberships are seeing the
improved business environment and are wanting to take more
control of their destiny while existing owners or lending institutions
are more than willing to take an exit (at somewhere near
what they perceive to be a " right price " ). In a similar situation
but resort golf in destination market HI, the state employees
union had their expansion dreams for two courses they invested
in dashed by COVID so they decided to make a graceful exit
and transfer the upside/downside risk of post-COVID to hospiGolf's
landscape changes
Event
Course
The Baths of
Blackwolf Run
Open/Re-open
Esplanade at
Azario Lakewood
Ranch
Great Rock Golf
Club
DMA
Milwaukee WI
Tampa-St.
Petersburg
(Sarasota) FL
New York NY
tality provider Host Hotels & Resorts.
Down in FL, we see a throwback to the early 2000s with
a master-planned community with golf as a centerpiece Taylor
Morrison's Azario Lakewood Ranch with the all-new Esplanade
golf course. The press release indicated that it would offer
both owner and local resident memberships but that it would be
exclusive to those two groups (and their guests).
As our " parting shot, " we read with interest the curious
COVID situation that is the Aroostook Valley Country Club
(AVCC) which straddles the US/Canadian border and remains
off-limits to their America members due to Canada's cross-border
constraints. Under the heading of " Every golf shot makes
someone happy " , one of the US private clubs reports picking up
10+ members from AVCC and the public courses in the county
are also reporting they're getting play from the " quarantined "
members (in those parts of the world, most everyone knows everyone,
where they belong and what courses they play). While
the country clubs of Presque Isle and Caribou are sympathetic
to AVCC's plight, they're reportedly open to new member tours
and inquiries...
Type/Holes Summary
L&P/10 Par 3 addition to Destination Kohler, includes
2-acre putting course, routing allows for multiple
golf experiences; holes named for bath fixtures,
how appropriate!
Priv/18 Course opened in May '20 as part of Taylor
Morrison planned community (throwback to
the golf-centric RE development), managed by
Hampton Golf plays to their historical strengths
(RE golf)
Pub/18
Purchased by " locals " Chris Vene & Anthony
Lomangino, " member for a day " experience as
alternative to expensive/exclusive Long Island
tracks. Guys own Parkland Golf Maintenance so
know their way around a course...
Closed
Twin Pines
Country Club
Transacted/
For Sale
Owasco Country
Club
Salina Country
Club
La Rinconada
Country Club
Huntsville-Decatur
(Florence) AL
Syracuse NY
Wichita-Hutchinson
KS
San FranciscoOakland-San
Jose
CA
Priv/18
Priv/9
Priv/18
Priv/18
Bought by local resident & wife, didn't want to
retire so bought a " hobby " , said the price was
right at ~half the appraised value (we'll see, his
timing is good though)
Sold to Philip Kless & Andrew Myers of Kless
Myers Golf Mngmnt (owns 1 other, operates 1
other locally), sales price not disclosed
Purchased by JRI Hospitality CEO Jason
Ingermanson, Troon Prive will manage
Bought by members for $18.9M, sold by Leider
family; kids don't want to be in golf business
anymore; members obliged
16 The Pellucid PersPecTive
June 2021
The Pellucid Perspective - June 2021

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