Source: Dallas Morning News
Century Golf Partners has acquired 20 golf courses in Texas, including six in the Dallas-Fort Worth area.
Century, which manages golf courses for Arnold Palmer Golf Management, bought the courses from American Golf Corp. of Santa Monica, Calif., said Jim Hinckley, Arnold Palmer's president and chief executive.
Both Century and Arnold Palmer are based in Addison.
Neither Mr. Hinckley nor American Golf would disclose the purchase price. In addition to the six courses in North Texas, two are in San Antonio, one is in Austin, and 11 are in Houston.
The local courses purchased are: the Eldorado Country Club in McKinney, the Ridgeview Ranch Golf Club in Plano, the Trails of Frisco Golf Club in Frisco, the Riverchase Golf Club in Coppell, the Great Southwest Golf Club in Grand Prairie and the Thorntree Country Club in DeSoto.
Century plans to improve the facilities and establish new marketing programs, Mr. Hinckley said.
"We know the Texas market," he said. "It's our backyard. Those are great golf courses and country clubs. We felt there was great upside potential."
American Golf, which is owned by the Goldman Sachs Group and Starwood Capital Group, sold the courses because they no longer fit the firm's strategy, said Mark Friedman, the company's general counsel.
"We're focusing on what we believe are our strategic core properties," he said, referring to markets such as New York, Chicago, and California.
The sale will still leave American Golf with a few courses in Texas, including the Waterview Golf Club in Rowlett and the Buffalo Creek Golf Club in Rockwall.
