on before playing The Carrick on Loch
Lomond, a par-71 course named for its
designer, Doug Carrick. CBRE’s Golf &
Resort Group and CBRE Hotels London
represented Sankaty Advisors and Canyon
Capital Advisors, the joint venture that
owns QHotels, in the transaction.
3. Stratford Golf Partners &
Accord Golf Capital portfolio
Seller: Stratford Golf Partners
and Accord Golf Capital
Price: $44 million
While ClubCorp president and CEO Eric
Affeldt called this six-property deal one of
the “smaller portfolios” it found attractive,
the $44 million sale proved to be one of the
biggest deals of the year. Funded by existing liquidity, ClubCorp first announced
the sale in March, and it closed in April.
Stratford Golf Partners, an affiliate of
New York City-based Och-Ziff Capital
Management Group, had acquired four of
the six courses from Textron Financial in
2013. Textron had foreclosed on all four.
The six clubs now owned by the private-club giant are: Bermuda Run Country
Club in Bermuda Run, N.C.; Brookfield
Country Club in Roswell, Ga.; Firethorne
Country Club in Marvin, N.C.; Ford’s
Colony Country Club in Williamsburg,
Va.; Legacy Golf Club at Lakewood Ranch
in Bradenton, Fla.; and Temple Hills
Country Club in Franklin, Tenn.
4. The Club at Carlton Woods
Buyer: CW Operating
Seller: The Howard Hughes
Broker: Keith Cubba, Colliers
Price: $25.1 million
The Club at Carlton Woods, a 36-hole golf
and country club in The Woodlands, Texas,
sold for net cash proceeds of $25.1 million
and a pre-tax gain of $29.1 million, according to Business Wire.
The deal, which closed in early
September, was the most expensive single-course sale of the year.
The buyer is CW Operating Co. Inc., a
Texas nonprofit organization, according
to the deed, which was signed by its president, Joseph Sutton.
The Howard Hughes Corp., which sold
the course, was losing money on the club,
having turned in net operating income
losses of $900,000 during the third quarter and $4.4 million year to date. When it
was developed, the course was meant to
be an amenity to sell lots in a gated community, most of which have already been
The club has two courses by famed
designers Jack Nicklaus and Tom Fazio.
5. Frost Creek (formerly Adam’s
Buyer: Brue Capital Partners
Seller: Fred Kummer and HBE
Corp., the property’s
Broker: Jeff Woolson, Eric
Roth, Martin Roth, CBRE
Price: $21 million
Frost Creek, a private golf and ranching
community in Colorado’s Vail Valley, sold
for $21 million.
It was sold by Fred Kummer and HBE
Corp. to Brue Capital Partners, a commercial real estate investment firm based in
Kummer is the original developer
of the property, which was formerly
known as Adam’s Rib Ranch. He founded
HBE and began developing the land in
1973. The 2,600-acre property features a
40,000-square-foot clubhouse, five member cottages, 97 multi-acre home sites,
1,000-acre working ranch and more.
“Mr. Kummer built the best golf course
in the entire Vail Valley at Adam’s Rib
Ranch,” said Jeff Woolson, CBRE executive
vice president and managing director of
the firm’s golf and resort group, who brokered the sale.
6. Myrtle Beach portfolio
Buyer: Founders Group
Seller: National Golf
Price: $19.2 million
Founders Group International, owned by
Chinese Investment firm Yiqian Funding,
purchased 12 Myrtle Beach courses from
National Golf Management for $19.2 million in late April. It now has a significant
presence in the region with 22 courses in
The sale included the following properties: Grande Dunes Resort Course, King’s
North at Myrtle Beach National, Litchfield
Country Club, Myrtlewood Palmetto,
Myrtlewood PineHills, Pawley’s Plantation,
Pine Lakes Country Club, River Club,
South Creek at Myrtle Beach National,
The Long Bay Club, West Course at Myrtle
Beach National and Willbrook Plantation.
The deal included more than just courses.
The group also took ownership of a call
center known as Tee Time Central, its golf
package operations known as Ambassador
Golf and Myrtle Beach Golf Trips, and several local golf-related websites.
“Throughout this relationship, we’ve
been very impressed, not only with their
enthusiasm for golf in this market but
also with their willingness to invest significant capital in our community,” said