The Pellucid Perspective - October 2022 - 13
Event
Course
7 Lakes Golf
Club
The Legends
Country Club
Hawks Nest Golf
Course
Covered Bridge
Golf Club
DMA
Raleigh-Durham
(Fayetteville) NC
St. Louis MO
Cleveland-Akron
(Canton) OH
Louisville KY
Type/Holes Summary
Pub/18
Priv/27
Pub/18
Advance Golf Partners (Jon Whittemore, Larry
Galloway) put property on the block, Chris
Charnas listing, appears AGP has owned the
property for several years, mid-term " flip "
Bought by Heritage Golf Group (along w/Fox
Hills, Plymouth MI), private club to stay private,
Heritage promising $1M+ improvements with no
assessment
Slated to close Dec '22, gifted to Ohio State
Univ. in '08, doubled as a turfgrass lab for univ.
agromony program but couldn't even break even
and money needed elsewhere so going on the
block
Pub/18
Fuzzy Zoeller hometown opus, needs a new buyer
and some local love, on market since Mar '21
has now found buyer in KemperSports (their 2nd
purchase in past yr, getting back into the own
vs. operate model); listed $2.55M, sale price not
disclosed
Transacted/
Under Contract/
For Sale
Champions
Pointe Golf Club
Somers Pointe
Golf Club
Wildwood Lakes
Golf Course
Genoa Lakes
Golf Club -
Lakes Course
The Haven Country
Club
Club
Renaissance
Louisville KY
New York NY
Traverse CityCadillac
MI
Reno NV
Pub/18
Priv/27
L&P
Fuzzy Zoeller course, KemperSports buys along
w/Covered Bridge, 3rd purchase in past year
Being put up for sale by membership, Colliers
handling listing, lots of moving parts, zoning,
community interest etc. involved
Family owners since '99 deciding to " stop
and smell the roses " (no roses either on or in
operating a golf course). No guarantee that it will
remain a golf course but, if so, it's ready to run on
Day 1 according to current family owners
Pub/18
Classic " play " of the real estate golf movement
'00-'10, buildout complete, now try to find
someone to take over the course and risk of run/
win/loss. Macro conditions better for buyers this
time around but no shoo-in for this remote location
Boston MA
(Manchester NH)
Tampa-St.
Petersburg
(Sarasota) FL
Priv/18
Acquired by Invited (artist formerly known as
ClubCorp), another management company that is
cautiously stepping back into the golf ownership
vs. operations model. Picking off established
mid-to-high private clubs for portfolio add
Pub/18
Concert Golf Partners' 27th acquisition, again
real estate developer offloads private club as real
estate sell-out approaches, first club in Ft Myers/
Naples market for Concert (shouldn't be a stretch
for them given their footprint)
PELLUCID-ISM
Benchmarking in the golf industry can
be likened to everyone wanting to go
to heaven but no one wanting to die.
The majority of owner/operators will
participate when there are enough
facilities to make it stable and projectable.
Anyone see the logic flaw here?
www.PellucidcorP.com
The Pellucid PersPecTive
13
http://www.PellucidcorP.com
The Pellucid Perspective - October 2022
Table of Contents for the Digital Edition of The Pellucid Perspective - October 2022
TOC
Fewer markets are “underwater”; (good) analysis coming back in vogue
Fewer markets are “underwater”; (good) analysis coming back in vogue
19 Activities; Transactions continue domination at 15
September GPH flat at -2%, Year-to-Date continues improvement (-5%)
Aug Utilization flat as rounds gain, Year-to-Date remains up against weather headwind
St. Louis squeaks into Top 25 at #25, market health is improving
The Pellucid Perspective - October 2022 - TOC
The Pellucid Perspective - October 2022 - Fewer markets are “underwater”; (good) analysis coming back in vogue
The Pellucid Perspective - October 2022 - 3
The Pellucid Perspective - October 2022 - 4
The Pellucid Perspective - October 2022 - 5
The Pellucid Perspective - October 2022 - 6
The Pellucid Perspective - October 2022 - 7
The Pellucid Perspective - October 2022 - Fewer markets are “underwater”; (good) analysis coming back in vogue
The Pellucid Perspective - October 2022 - 9
The Pellucid Perspective - October 2022 - 10
The Pellucid Perspective - October 2022 - 11
The Pellucid Perspective - October 2022 - 19 Activities; Transactions continue domination at 15
The Pellucid Perspective - October 2022 - 13
The Pellucid Perspective - October 2022 - 14
The Pellucid Perspective - October 2022 - 15
The Pellucid Perspective - October 2022 - September GPH flat at -2%, Year-to-Date continues improvement (-5%)
The Pellucid Perspective - October 2022 - 17
The Pellucid Perspective - October 2022 - Aug Utilization flat as rounds gain, Year-to-Date remains up against weather headwind
The Pellucid Perspective - October 2022 - 19
The Pellucid Perspective - October 2022 - St. Louis squeaks into Top 25 at #25, market health is improving
The Pellucid Perspective - October 2022 - 21
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