CNL Income Properties Inc., a real estate investment trust (REIT) focused on lifestyle properties, announced the acquisition of seven Texas golf courses from EAGL Golf Corp. CNL Income Properties has also entered into an agreement with Premier Golf Management Inc. to acquire seven courses.
|
|
The REIT has leased the seven EAGL courses back to EAGL for continued operation under a long-term, triple-net lease and intends to lease the seven Premier courses to EAGL under a long-term, triple-net lease. CNL Income Properties also acquired a partnership interest in the Cowboys Golf Club in Grapevine, Texas from an EAGL company who will continue to operate the course.
“This acquisition and our intended acquisition of the Premier courses are both outstanding for us from a long-term partnership perspective,” said Rudy Anderson, vice president of investments of CNL Income Corp., the advisor to CNL Income Properties. “Our operating partner, EAGL Golf, has a respected and seasoned management team. This transaction marks the beginning of what we hope to be a long and valuable partnership with the newly merged company.”
Joe R. Munsch, president and c.e.o. of EAGL Golf said, “As we prepare to grow our golf operating business, CNL Income Properties is the ideal financing partner. The management team’s golf industry experience, financial expertise and long-term focus make the decision simple. We are excited about the possibilities this partnership brings to the new EAGL.”
CNL Income Properties also acquired a partnership interest in the Cowboys Golf Club in Grapevine, Texas from Evergreen Alliance Golf Limited AP & affiliates. The only NFL-themed, 18-hole golf course is located adjacent to the Gaylord Texan Hotel and Conference Center and is ranked by AvidGolfer Magazine as one of the best overall public courses in Dallas/Fort Worth.
This EAGL Golf transaction facilitated a merger of EAGL and Premier Golf and created a strong and respected golf operating company within the golf industry. Two of golf’s respected veterans, Bob Williams of Premier Golf, and Joe Munsch of EAGL Golf will be reunited in this newly merged company. The company will operate under the name EAGL Golf with more than 50 courses under management throughout the United States.
“By combining the operations of our two companies, we’ll save on operating costs and be able to use this capital for continued improvements,” said Bob Williams, CEO of Premier Golf. “The time is right to continue the consolidation of the fragmented golf industry, and the new EAGL should be in perfect position to take advantage of these opportunities.”
CNL Income Properties’ acquisition from EAGL Golf includes:
- Mansfield National Golf Club (Dallas/Fort Worth): 18-hole course which includes a 4,000 square-foot clubhouse with pro shop.
- Plantation Golf Club (Dallas/Fort Worth): 18-hole course which includes driving range, pro shop and restaurant.
- Lake Park Golf Club (Dallas/Fort Worth): 18-hole course which includes a pro shop, driving range and restaurant, as well as a nine-hole lighted executive golf course with a pro shop. In 2004, AvidGolfer Magazine ranked Lake Park as the best place to play golf at night.
- The Golf Club at Fossil Creek (Fort Worth, Texas): 18- hole golf course designed by Arnold Palmer which includes a pro shop, driving range and practice green. The course was named one of the ten best overall clubs in the Dallas/Fort Worth area by AvidGolfer Magazine in 2004.
- The Golf Club at Cinco Ranch (Houston, Texas): 18-hole golf course which includes a driving range and practice green.
- Clear Creek Golf Club* (Houston, Texas): 18-hole golf course which includes pro shop, driving range and putting green.
- Canyon Springs Golf Club (San Antonio, Texas): 18-hole golf course ranked in 2004 by Zagat as one of America’s best new courses.
*Clear Creek Golf Club has been closed into escrow pending receipt of consent assigning the lease and is expected to close at the end of November.
CNL Income Properties’ intended 126-hole acquisition from Premier Golf may include:
- Lake Ridge Country Club (Lubbock, Texas): 18-hole course designed by Billy Martindale and Don January with seven tennis courts and a 24,000-square-foot club house.
- Mesa Del Sol Golf Club (Yuma, Ariz.): 18-hole course with a full practice facility and putting green.
- Fox Meadow Country Club (Medina, Ohio): 18-hole course with 27,000-square-foot putting green and driving range.
- Signature Golf Course (Solon, Ohio): 18-hole course with recreational center and 85,000-square-foot club house.
- Weymouth Country Club (Medina, Ohio): 18-hole course designed by Geoffrey Cornish.
- Painted Hills Golf Course (Kansas City, Kan.): 18-hole course completely remodeled in 1993.
- Royal Meadows Golf Course (Kansas City, Mo.): 18-hole course renovated in 2002 with full-service golf shop.
