ClubCorp, the parent company of the Citrus Club located in BB&T building in Downtown Orlando, announced this morning that agreements have been signed to acquire a multi-club portfolio of six golf clubs for a combined purchase price of just under $44 million. The sellers are Stratford Golf Partners and Accord Golf Capital and the acquisition will be funded from existing liquidity. This acquisition includes four private clubs, one semi-private club and one public golf club – adding 171 holes of golf in already established ClubCorp markets throughout the Southeast United States.
The clubs involved in the deal include…
Bermuda Run Country Club in Bermuda Run, North Carolina – a private country club offering 36 holes of championship golf, two clubhouses, an Olympic pool with lazy river and tennis center
Brookfield Country Club in Roswell, Georgia – a private country club featuring an 18-hole golf course, clubhouse with banquet rooms, a pool, tennis and fitness facilities
Firethorne Country Club in Marvin, North Carolina – a private country club with an 18-hole golf course, clubhouse, water park with four pools and a tennis complex
Ford’s Colony Country Club in Williamsburg, Virginia – a semi-private golf club offering three 18-hole golf courses, indoor and outdoor practice facilities, and a clubhouse with upscale and casual dining
Legacy Golf Club at Lakewood Ranch in Bradenton, Florida – a public golf club featuring an 18-hole Arnold Palmer-designed championship golf course, practice facilities and grill
Temple Hills Country Club in Franklin, Tennessee – a private country club offering 27 holes of championship golf, a clubhouse, junior Olympic-size pool, and tennis
Consistent with prior acquisitions, ClubCorp plans to reinvent and renovate these clubs via a multi-million dollar investment, further adding amenities, functionality and programming to improve the member experience.
“We are very happy to announce this acquisition from Stratford Golf Partners and Accord Golf Capital. This acquisition represents one of the smaller portfolios that continue to be attractive to us, and is consistent with our strategy to grow via acquisition and reinvention. These clubs fit well with our stated goal to continue consolidating a very fragmented industry,” said Eric Affeldt, ClubCorp president and CEO. “We welcome our new members and employee partners to the ClubCorp family, as we expand our portfolio of clubs across the country.”
The Citrus Club downtown continues to do well, it’s added on programs to attract younger members, and it’s still the preferred venue for dining events and fundraisers. Last week, an event on Veterans Homelessness attracted over dozen elected officials and local leaders (story HERE).