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ATLANTA, May 3 /PRNewswire/ -- Hodges Ward Elliott's Golf Division, the nation's premier hotel and golf course brokerage and investment banking firm, today announced that it represented a subsidiary of Troon Golf, the world's largest golf course management company, in the sale of The Revere Golf Club in Henderson, Nev. to private equity investment fund, CORE Realty Holdings, LLC on behalf of its investors for $28 million. Troon Golf will retain management of the golf course under a long-term management agreement.
Just 20 minutes south of the Las Vega Strip and a short distance from McCarran International Airport, the more than 400-acre facility is located in the master planned residential community of Sun City Anthem. Comprised of two, 18-hole championship golf courses designed by Billy Casper and Greg Nash, The Revere features the 7,443-yard Lexington and the 7,034-yard Concord golf courses. The sale also includes the club's 23,000-square-foot clubhouse. Among its many awards, The Revere was named the 2005 Nevada Golf Course Owners Course of the Year and garnered a four-star rating from Golf Digest's "Best Places to Play."
"Las Vegas is one of the world's most popular golfing destinations, and these two relatively new courses attracted more than 80,000 rounds in 2006," said Todd B. Ratliff, vice president of Hodges Ward Elliott's Golf Division. "The barriers to new competition, especially this close to The Strip, make The Revere an especially attractive investment.
"This will likely be one of the largest single asset transactions in the golf industry in 2007," he noted. "We have seen an increase in both buying and selling of golf course real estate in the past two years, a trend we see accelerating," he said. "One of our objectives in the past year has been to seek out new capital interested in investing in golf. For this transaction, in addition to more traditional buyers, we felt the rapidly emerging Tenancy- In-Common (TIC) industry was particularly suitable and sought to identify sophisticated sponsors interested in investing in highly desirable golf assets like The Revere. This strategy led us to CORE, one of the leaders in the TIC industry. They chose to acquire this particular asset through a LLC-business model. However, we believe that the TIC industry is discovering golf courses are an attractive investment opportunity and exchange option."
"We are excited about the acquisition of The Revere, said Doug Morehead, CORE's vice-chairman. "Equally satisfying is the opportunity to pair up with a strong manager such as Troon Golf. The Revere is the first in a plan to acquire a number of well positioned golf-related properties throughout the United States each year. Golf properties allow us an important alternative to our current portfolio of multi-family, commercial, retail and industrial investments."
"Hodges Ward Elliott's Golf Division not only met our pricing expectations, but they also were successful in helping us secure a long-term management contract, which is a win-win for us," said Tim Schantz, Troon's executive vice president of business development. "We look forward to building a long-term relationship with CORE."
About Troon Golf
Headquartered in Scottsdale, Arizona, Troon Golf is the world's largest golf management company, overseeing operations at more than 185 courses located in 31 states and 24 countries. Additionally, 38 Troon Golf facilities enjoy a Top 100 ranking by national or international publications. Troon Golf properties include Sandpines Golf Links, Florence, Ore.; The Westin Turnberry Resort, Ayrshire, Scotland; Classic Club, Palm Desert, Calif.; Troon North Golf Club, Scottsdale, Ariz.; Haig Point, Daufuskie Island, S.C.; Monte Rei Golf & Country Club, Algarve, Portugal; Palmilla Golf Club, Los Cabos, Mexico; Abu Dhabi Golf Club, Abu Dhabi, UAE; and The Grove, London, England.
About CORE Holdings, LLC
CORE Realty Holdings, LLC and its affiliates own and professionally manage more than 10.6 million square feet of commercial real estate for its owners and investors. Presently, the company and its affiliates have more than 75 employees with real estate expertise in all phases of development, acquisitions, asset and property management.
About Hodges Ward Elliott
Hodges Ward Elliott is the world's leading hospitality brokerage and investment firm providing brokerage and investment banking services through four divisions: the Full-Service/Luxury Hotel and Resort Division, which concentrates on assets valued in excess of $10 million; the International Division, which provides hospitality real estate services through its London office, the Focused-Service Division, which concentrates on hospitality transactions up to $10 million and the Golf Division. In 2006, the company completed $5.7 billion in hotel, resort and golf real estate transactions. Additional information about the firm may be found at http://www.hwegolf.com/ .