Monday, December 27, 2010

“Century Golf Partners acquires 5 MB courses” plus 1 more

“Century Golf Partners acquires 5 MB courses” plus 1 more

Century Golf Partners acquires 5 MB courses

Posted: 27 Dec 2010 11:14 AM PST

From Century Golf Partners

MYRTLE BEACH – Century Golf Partners announced it has acquired The Legends (Heathland, Moorland and Parkland Courses) in Myrtle Beach, The Heritage Club in Pawley's Island, and Oyster Bay in Sunset Beach, North Carolina.  

The golf courses were designed by renowned golf course architects Tom Doak, P.B. Dye and Dan Maples. The properties have consistently received award winning recognition including "best new course of the year", "top 100 courses in the USA", "top 25 golf schools in America", "top 50 toughest courses in America", "resort course of the year", "50 best public courses in America", as well as, many other distinctions and accolades. 

The courses were previously held by GE Capital.  Arnold Palmer Golf Management, a company owned by Century Golf Partners, has been managing the courses for GE Capital since early 2009.  Century partnered with Peter Ueberroth and the Contrarian Group to secure their ownership interest. The terms and purchase price were not disclosed.  

"We are very excited about securing ownership in these golf courses," said Jim Hinckley, CEO & President of Century Golf Partners. "We have enjoyed managing the courses, but now look forward to establishing a long-term relationship with the Myrtle Beach community." He also, stated, "Acquiring the golf courses with the Contrarian Group is quite gratifying as we have great respect for Peter Ueberroth and his leadership. We anticipate many more golf course and private club acquisitions from this relationship with Contrarian."

"I'm very pleased to be a part of the Legends acquisition and look forward to working with Jim and the Century Golf Partners team," stated Peter Ueberroth, Chairman of the Contrarian Group. "The Myrtle Beach investment is an outstanding starting point in our going forward golf strategy with Century."

 

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Golf course on track for Benson

Posted: 27 Dec 2010 12:44 PM PST

San Pedro Valley News-Sun

After being in the golf business for more than a month, the City of Benson appears to be pleased with their management of the San Pedro Golf Course.

Arizona Golf Systems LLC, owned by Tom Hartley, donated the $12 million course to the city in October. Prior to the donation, the course had been closed for five months due to slow economic times.

With city finance director Jim Cox leading the city efforts, the course was reopened under the new ownership on Nov. 1.

Cox gave a report to the City Council on Dec. 13. Jay Tomerlin, the golf pro who came with the donation, said they have sold an estimated 1,200 rounds of golf since reopening.

Tomerlin said those numbers are good for several reasons, especially considering the course had been closed for five months, and to date, the city has done very little advertising to say it's been reopened.

To run the course, Cox told the council, the city has hired the equivalent of 20 full-time employees. The equivalent means they have hired multiple part-time employees, who are working the equivalent of 20 full-time employees.

Besides the employees hired by the city, the council also approved a contract with the Arizona Department of Labor to provide maintenance labor. At 50 cents an hour per inmate, the city will use a permanent 10-man crew, and as needed, a second 10-man crew.

While city officials seem excited about the new business prospect, there are still challenges. Cox said the city was able to successfully lift the building where the Ironwood Grill was once open. The facility also houses the pro shop.

After negotiating the donation, Hartley agreed to pay part of the costs to bring the building up to code.

Benson is known for its unstable soil, and structures built improperly may sink.

The golf course building had to be lifted more than two feet, Cox reported to the council. In November, the council approved a $70,000 contract with Arizona Ram Jack to do the work.

Now that the improvements have been made, Cox said the city will move forward to reopen the restaurant. It may not be through a contract with a third party as originally planned.

Cox didn't go into details, but told the council he didn't like the offers he has received to date, so instead, the city will likely be managing the restaurant as well.

On Dec. 13, the council unanimously approved a $600,000 budget to operate the golf course for the remainder of the 2010-2011 fiscal year. Besides the revenues collected, some of those funds will come from Hartley, who agreed to pay the city $25,000 a month for operation and maintenance.

Hartley paid $50,000 to help fix the restaurant, and gave the city a $135,000 down payment.

In return for the donation and added funding, Hartley will get a $12-million tax write-off.

The following are comments from the readers. In no way do they represent the view of bensonnews-sun.com.

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