The Pellucid Perspective - January 2025 - 12
COMINGS
& GOINGS
Event
Course
Ptarmigan Country
Club
The Club at
Gettysvue
Bristol Oaks Golf
Club & Banquet
Center
Tri-Mountain
Golf Course
Transacted/For
Sale/Auction
PGA National
Resort & Spa
West Palm BeachFort
Pierce FL
PRIV/99
DMA
Denver CO
Type/Holes Summary
PRIV/18
Purchased by Heritage Golf Group from the Flack
family (20 yrs), 4th property in Denver mkt and
39th overall for Heritage, Nicklaus Signature
course, price not disclosed
Knoxville TN
Milwaukee WI
PRIV/18
PUB/18
Sold by Synergy Golf Group (prev. transacted in
'12 at $5.6M, current sale price not disclosed),
Heritage's first TN course (Knoxville)
Another long-time owner/operator, Dave Barnes,
is ready to " hang up their spikes " after 21 yrs of
successful operations, listing for $2.5M by Links
Capital Advisors
Portland OR
PUB/18
Cowlitz Indian Tribe submitted 2 bids for Clark
County auctioned property, one for $5M to
remove clause to remain a GC after 5 yrs (rejected
by County) and $3.6M w/restriction (being
considered by County, only bid, met minimum);
County wanting to reduce properties w/significant
CapEx " overhang " , tribe sees " potential " (can you
say casino?)
London-based real-estate PE firm, Henderson
Park, made bid for $425M for entire development.
CR&B reports last sold in '18 for $218M (but HP
has invested >$100M in improvements in interim)
so would be a nice, not great return for current
owner, Brookfield Asset Mngmnt
Canyon Springs
Golf Course
Highlands Reserve
Golf Club
Redevelopment
Pennyrile Forest
State Resort
Park
Nashville TN
PUB/18
Owned by KY State Parks, course deteriorating
and not attracting enough visitors to KY State
stay-and-play program to justify operation (along
w/$2-$3M in deferred maintenance, yikes!); future
uncertain, likely to remain " green " but probably
not golf
Other
Ironwood Golf
Course
Gainesville FL
PUB/18
City of Ironwood has owned since '92 but has
continuously struggled to break even; current year
operating deficit was ~$20K (improvement over
previous yr of $132K), consultants advised there's
~$1M in deferred maintenance to contend with as
well; City trying to balance offering the amenity w/
fiscal responsibility
Twin Falls ID
PUB/18
Few details on seller or potential buyers but, if this
is just the GC and not any resort or amenities, this
is quite a premium for vistas and natural water
features (Snake River) etc.; we'll see...
Tampa-St.Petersburg
(Sarasota) FL
PUB/18
Transacted, buyer and purchase price not
disclosed; last transacted in '13 for $2.7M
12 The Pellucid PersPecTive
January 2025
The Pellucid Perspective - January 2025
Table of Contents for the Digital Edition of The Pellucid Perspective - January 2025
TOC
’24 Will Finish with Record Rounds, “Sneaky Long”
Will Golf Have Good or Bad Karma in ’25?
21 Activities; Transactions dominate with 13
December GPH meltdown -23%, ‘24 finishes in neutral zone (-2%)
Nov Utilization declines despite rounds gain, Year-to-Date still up countering down weather
Minneapolis “represents” at #8 in current ranking; top non-12 month season market in US
The Pellucid Perspective - January 2025 - TOC
The Pellucid Perspective - January 2025 - ’24 Will Finish with Record Rounds, “Sneaky Long”
The Pellucid Perspective - January 2025 - 3
The Pellucid Perspective - January 2025 - 4
The Pellucid Perspective - January 2025 - 5
The Pellucid Perspective - January 2025 - Will Golf Have Good or Bad Karma in ’25?
The Pellucid Perspective - January 2025 - 7
The Pellucid Perspective - January 2025 - 8
The Pellucid Perspective - January 2025 - 9
The Pellucid Perspective - January 2025 - 21 Activities; Transactions dominate with 13
The Pellucid Perspective - January 2025 - 11
The Pellucid Perspective - January 2025 - 12
The Pellucid Perspective - January 2025 - 13
The Pellucid Perspective - January 2025 - December GPH meltdown -23%, ‘24 finishes in neutral zone (-2%)
The Pellucid Perspective - January 2025 - 15
The Pellucid Perspective - January 2025 - Nov Utilization declines despite rounds gain, Year-to-Date still up countering down weather
The Pellucid Perspective - January 2025 - 17
The Pellucid Perspective - January 2025 - Minneapolis “represents” at #8 in current ranking; top non-12 month season market in US
The Pellucid Perspective - January 2025 - 19
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