The Pellucid Perspective - May 2023 - 10
COMINGS
& GOINGS
11 activities, 9th month of no (observed) closures
T
ransactions continue to dominate the golf course activities
monthly map in a wandering fashion that shows no
discernable patterns of geography, course types or valuation
methods/levels. This produces that analyst-maddening
situation of nearly random that's hard to fit into a descriptive
box. Here's the April scorecard, at least this month we got one
non-transaction event to make it slightly more interesting:
* Opens/Re-opens - 1
* Closeds - 0 (now 9th month in a row, longest streak
since we began this column in '21)
* Transactions (continuing golf operations including
For Sales) - 10
* Redevelopments (transactions not continuing as golf
operations) - 0
* Reconfigurations (Priv-Pub switch, downsize holes,
Priv->Muni ownership etc.) - 0
* Other - 0
The table provides details and commentary for each activity.
For those not into detail (or our entertaining commentary),
the summary view is that in April's public domain scan we saw
primarily private party transactions with none of the major
corporations (management companies, buyout firms, portfoliobuilding
aggregators etc.) showing activity. We're not sure if
this is just a monthly lull from that trend or a shift in further
expansion interest, we'll have to wait a few more months to see
if this slight pattern continues or they jump back in. From a
valuation perspective, the few data points we can see continue
to suggest that the buy/sell metrics are whatever the market will
bear or how much a municipality will pay to keep unprofitable
but well-situated golf courses as green space in perpetuity. Witness
this month two 9-hole courses in rural NE locations, one
sells for $1.5M and the other for $900K. While we know that
no two markets are alike, the $1.5M investment for 9 holes in
ME vs. the 9 holes in upstate NY seems like quite a big swing,
you think?
In the " human interest " category of golf course activity, we
continue to watch with interest the star-studded resurrection of
the West Palm Beach Country Club which was closed in '18
but, led by PGA of America CEO Seth Waugh, the new rendition
of that course will have everything known to man short of
a SpaceX launchpad (you never know, it could happen, it's in So.
FL after all). Billed as " a product of an unprecedented public/
private partnership " funded entirely with charitable donations
from private individuals, this thing is going to be like The First
Tee on Viagra. Gil Hanse is donating the architecture fee, the
teaching and learning center is being designed pro bono by Darren
May (PGA TOUR coach of some renown we hear). The
only project of this type with even close star-power would be the
currently dormant plan for Jackson Park GC here in Chicago
backed by Tiger Woods and President Barack Obama. Let's
hope that the FL folks have more success and momentum than
the current energy for Jackson Park (we'll skip the commentary
comparing IL and FL politics, economics and in/out population
migration situations). For the full Monty, read the C&RB
article describing all the features they're trying to cram into this
one project in something less than 5 years to full fruition.
Tanglewood Greens GC, Menomonie, Wis., bought by Minnesota
resident and small business owner Mark Wallskog
Golf's landscape changes
Course
Event
Tanglewood
Greens GC
Open/Re-open
DMA
Minneapolis-St.
Paul MN
Type/Holes Summary
Pub/18
Bought by Minnesota resident and small business
owner Mark Wallskog from former owner Rajiv
Lall who closed it during (due to) COVID; will be
interesting to see what he can resurrect/create in
relatively rural community (but it is home to UW
Stout and its PGM program)
10 The Pellucid PersPecTive
May 2023
https://www.google.com/maps/contrib/112717418450812380438/place/ChIJh95eD518-IcR18Pl-ZMQpPQ/@44.8584632,-91.9018547,3a,75y,90t/data=!3m7!1e2!3m5!1sAF1QipNQOF3N7-egT1tuTR-vVhrHVz79ZO7ujsaFXXox!2e10!6shttps:%2F%2Flh5.googleusercontent.com%2Fp%2FAF1QipNQOF3N7-egT1tuTR-vVhrHVz79ZO7ujsaFXXox%3Dw462-h260-k-no!7i2560!8i1438!4m6!1m5!8m4!1e2!2s112717418450812380438!3m1!1e1
The Pellucid Perspective - May 2023
Table of Contents for the Digital Edition of The Pellucid Perspective - May 2023
TOC
Horizon for ’23 found in Capacity Rounds forecast
Endemic COVID continues to favor golf
11 Activities; It’s (nearly) all about the Transactions
Apr GPH shines at +12%; Year-to-Date holds at +10%
Mar Utilization gains; Year-to-Date still lags
Mar Utilization gains; Year-to-Date still lags
The Pellucid Perspective - May 2023 - TOC
The Pellucid Perspective - May 2023 - Horizon for ’23 found in Capacity Rounds forecast
The Pellucid Perspective - May 2023 - 3
The Pellucid Perspective - May 2023 - 4
The Pellucid Perspective - May 2023 - 5
The Pellucid Perspective - May 2023 - 6
The Pellucid Perspective - May 2023 - Endemic COVID continues to favor golf
The Pellucid Perspective - May 2023 - 8
The Pellucid Perspective - May 2023 - 9
The Pellucid Perspective - May 2023 - 11 Activities; It’s (nearly) all about the Transactions
The Pellucid Perspective - May 2023 - 11
The Pellucid Perspective - May 2023 - Apr GPH shines at +12%; Year-to-Date holds at +10%
The Pellucid Perspective - May 2023 - 13
The Pellucid Perspective - May 2023 - Mar Utilization gains; Year-to-Date still lags
The Pellucid Perspective - May 2023 - 15
The Pellucid Perspective - May 2023 - Mar Utilization gains; Year-to-Date still lags
The Pellucid Perspective - May 2023 - 17
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