The Pellucid Perspective - June 2024 - 10

COMINGS
& GOINGS
All Transactions or Listings this Month
M
ay activity across the public domain sources we monitor
(as well as our weekly conversations with various
business associates) continued to be sparse with only
9 compared to our '23 level of visibility which was 15-20 per
month. A point of interest is we had a couple acquisitions this
month which will transition post-transaction to semi-privates
from private; not yet a trend but interesting. Here's the month's
scorecard:
* Opens/Re-opens - 0 (new course but " on-trend " in
adding a short course to an existing resort facility)
* Closeds - 0
* Transactions (continuing golf operations including
For Sales & Auctions) - 9
* Redevelopments (transactions not continuing as golf
operations) - 0
* Other (name change, Priv-Pub switch, downsize
holes, Priv->Muni ownership etc.) - 0
The table provides details and commentary for each activity.
For those not into detail (or our entertaining commentary),
we've been anticipating that the COVID " lift " would increase
and improve liquidity in the industry by making golf courses
more desirable and improving valuations for those wanting
to exit the industry (retirements, end of targeted holding period
etc.) but we're not seeing that happen based on this level
of monthly activity (across ~14K possible facilities in the US).
GreatLIFE Golf made a small splash with their 2 acquisitions
Golf's landscape changes
Course
Event
Open/Re-open
Closed
Sapona Ridge
Country Club
Country Club of
Mount Dora
Transacted/For
Sale/Auction
Erie Golf Club
Greensboro-High
Point-Winston
Salem NC
Orlando-Daytona
Beach-Melbourne
FL
Erie PA
PUB/18
Acquired by GreatLIFE Golf purchased from
members; will convert to semi-private & adding
indoor golf entertainment center, 54th property
spanning 9 states
PUB/18
Acquired by GreatLIFE Golf purchased fm private
owner, will also operate as semi-private
PUB/18
Millcreek Township selling due to economics, finally
have all approvals to solicit bids/buyers. Asking
price $1.1M (by recent appraisal), option to not
sell if minimum requirement not met; will be an
interesting test of the local market/golf economics
Green Valley
Ranch Golf Club
Denver CO
PUB/27
CBRE represented seller (Pat Hamill legacy),
premium facility in Denver exurbs, progressive
operators and long-time Pellucid clients/supporters
DMA
(both of the Private-to-Semi-private transitions mentioned
above) bringing their current count of owned/managed properties
to 55 spanning 9 states according to Golf Inc.'s coverage of
the events. We're also seeing a dichotomy of valuations in several
of this month's listings between " premium " and " discount "
with not much in between. You'll also note in the table that, for
several of the properties currently listed, we now have previous
sale years and either the list or selling price so it's interesting to
see what the time span is and how the " ask " has changed over
time (several of them are round-trips with the same listing broker).
Some are selling at a discount to the last transaction while
others represent significant premiums to the prior sale; this is
indicative of the tug-of-war we see between sellers and buyers in
this post-COVID golf economy. Overall it seems to be moderately
" up " but, generally, golf courses in challenged local markets
(that's why you need a Golf Local Market Analysis is you're
considering selling or buying) aren't getting the COVID lift that
better-located facilities are.
Finally this month, Golf Inc. also covered in their May-June
issue the transfer of the C-BONS International Golf Group's
(CBIGG) portfolio of 17 US facilities to a new entity, Encore
Leisure Group, led by former CBIGG executives Dale Folmar
(new CEO) and Jacques James (new CFO). According to Golf
Inc., this will be additive to their current 17 courses (9 private, 8
public) bringing their new portfolio to manage to 34, doubling
the count. It will be interesting to see what future performance
the ownership change yields for this multi-traded/owners group
of courses.
Type/Holes Summary
10 The Pellucid PersPecTive
June 2024
The Pellucid Perspective - June 2024

Table of Contents for the Digital Edition of The Pellucid Perspective - June 2024
