The Pellucid Perspective - March 2024 - 10
COMINGS
& GOINGS
Transactions are Main Score, Opens/Closes
Provide Background Music
F
ebruary activity continue to show a healthy level meaning
buyers and sellers are finding common ground while the
previous main news event, tracking openings and closures,
remains in the background. We also saw a higher rate of activity
among 9-hole facilities this month (5 of 15) but haven't yet figured
out if that's a trend or what the common theme is. Here's
the month's scorecard:
* Opens/Re-opens - 2
* Closeds - 1
* Transactions (continuing golf operations including
For Sales & Auctions) - 11
* Redevelopments (transactions not continuing as golf
operations) - 0
* Other (name change, Priv-Pub switch, downsize
holes, Priv->Muni ownership etc.) - 1
The table provides details and commentary for each activity.
For those not into detail (or our entertaining commentary), the
general storyline continues to be that the pre-COVID challenge
Golf's landscape changes
Course
Event
Palo Duro GC
DMA
Tucson (Sierra
Vista) AZ
Open/Reopen
Trilogy at La
Quinta
of buyers and sellers being on different pages regarding valuation
and future potential continues to recede and more deals are getting
done, generally in shorter periods of time. That said, there
are still a number of instances where sellers are having to make
multiple attempts at marketing their property and making price
concessions eventually to get to their liquidity event. Part of that
is due, in our opinion, to " irrational exuberance " by sellers in interpreting
the current upward industry trends and pricing continued
future growth at similar rates into their initial " ask " .
Heritage Golf continues to acquire properties and build their
portfolio with 2 acquisitions being reported this month bringing
their portfolio to 36 owned facilities scattered across several
states. Another interesting development this month is the emergence
of the For Sale by Owner platform by Fairway Advisors
which is trying a new way to match sellers and investors/buyers
and you'll see 3 listings in the table where owners are trying that
out. Too early for definitive results but stay tuned as we track
how many and which result in sales and whether those outcomes
are materially different than the legacy model of brokers working
their networks to find buyers...
Type/Holes Summary
Pub/9
City resurrects course after 14 yr hiatus, has so far
invested $67K to get to re-open event/goal; it will
take a lot more than that likely but good to see the
attempt
Palm Springs CA Pub/18
Residents of real estate subdivision band together
to buy course for ~$6.2M and re-open it; former
PGA Skins Game location (seems like homeowners
actually got " skinned " ). Homeowners award
management contract to BlueStar Resort & Golf
(intrestingly, the property's original management
company)
Compton Par 3
Golf Course
Closed
Los Angeles CA Pub/9
Closed in recent years due to illiquidity, local Chris
Staples has organized (and is looking for funds)
the Compton Country Club Initiative. Needs
to 'find " $15M and looking to private/public
partnership structure; private would be fundraise,
public would be LA County Parks & Rec money
being negotiated via Compton City Council. Good
idea, noble cause...likely tough lift though
Spring Creek
Golf Club
Transacted/For
Sale/Auction
Hyland Greens
Golf and
Learning Center
Richmond-Petersburg
VA
Minneapolis-St.
Paul MN
Pub/18
Pub/9
Heritage Golf's acquisition streak continues, this
marks the 35th owned property, 3rd in VA, adds to
their Public portfolio
Three Rivers Park District takes off the hands/books
for City of Bloomington (MN) which bought in '74;
downsized it in the interim to 9 holes said it was " in
the black " at Operating Income level but couldn't
afford CapEx coming/overdue. Park District intends
to keep as golf operation (and, we guess, subsidize
the upcoming, inevitable CapEx spend
10 The Pellucid PersPecTive
March 2024
The Pellucid Perspective - March 2024
Table of Contents for the Digital Edition of The Pellucid Perspective - March 2024
TOC
The golf circus comes to town, pay attention to center ring
New, non-golf entity enters golf info & insights arenas
15 Activities; Transactions lead (yet again) with 11
Feb GPH provides bounce at +11%, Year-to-Date strengthens to -9%
Jan Utilization improves (rounds fall less than weather), Year-to-Date opens to the positive
Pittsburgh advances one to #24 spot in Top 25; like the city resilient, economical, practical
The Pellucid Perspective - March 2024 - TOC
The Pellucid Perspective - March 2024 - The golf circus comes to town, pay attention to center ring
The Pellucid Perspective - March 2024 - 3
The Pellucid Perspective - March 2024 - 4
The Pellucid Perspective - March 2024 - 5
The Pellucid Perspective - March 2024 - New, non-golf entity enters golf info & insights arenas
The Pellucid Perspective - March 2024 - 7
The Pellucid Perspective - March 2024 - 8
The Pellucid Perspective - March 2024 - 9
The Pellucid Perspective - March 2024 - 15 Activities; Transactions lead (yet again) with 11
The Pellucid Perspective - March 2024 - 11
The Pellucid Perspective - March 2024 - Feb GPH provides bounce at +11%, Year-to-Date strengthens to -9%
The Pellucid Perspective - March 2024 - 13
The Pellucid Perspective - March 2024 - Jan Utilization improves (rounds fall less than weather), Year-to-Date opens to the positive
The Pellucid Perspective - March 2024 - 15
The Pellucid Perspective - March 2024 - Pittsburgh advances one to #24 spot in Top 25; like the city resilient, economical, practical
The Pellucid Perspective - March 2024 - 17
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