Subject to customary conditions, the transaction is expected to close on or before March 31, 1999.
Upon the closing of the transaction, American Golf and ClubCorp will divide the Cobblestone portfolio of 45 premier properties with American Golf allocated 23 owned and leased golf courses. American Golf is negotiating to transfer substantially all of these courses to its publicly traded affiliate, National Golf Properties Inc. (NYSE:TEE).
“This acquisition, the largest in the history of the golf course industry, is a testament to the unparalleled acquisition experience and operating expertise presented by the combined efforts of American Golf, National Golf and ClubCorp.”
The 23 golf courses allocated to American Golf include eight courses in Texas, six courses in California, four courses in Arizona, three courses in Virginia and two courses in Georgia.
American Golf, the largest operator of golf facilities in the world, operates more than 290 private, resort and daily fee golf courses and practice centers in the United States and the United Kingdom.
National Golf Properties is the largest publicly traded company in the United States specializing in the acquisition and ownership of golf course facilities. National Golf Properties’ portfolio consists of 133 golf courses geographically diversified among 26 states.
Golf Trust of America, Inc. Announces Sales of Brentwood Golf & Country Club and Club of the Country
February 1st, 2008
CHARLESTON, S.C.–(BUSINESS WIRE)–March 27, 2001
Golf Trust of America, Inc. (AMEX:GTA), a real estate investment trust (REIT), announced today that the Company has sold Brentwood Golf & Country Club and Club of the Country, two 18-hole golf courses, in separate transactions.
On March 20, the Company closed the sale of Brentwood Golf & Country Club, an 18-hole golf course, located in White Lake Township, Michigan for total consideration of $2.6 million. The Company had been operating the Brentwood golf course following the default of the original tenant. Separately, on March 16, the Company closed the sale of Club of the Country, an 18-hole golf course located in Louisburg, Kansas, for total consideration of $2.655 million.
Golf Trust of America, Inc. is a real estate investment trust involved in the ownership of high-quality golf courses in the United States. The Company currently owns an interest in 42 (eighteen-hole equivalent) golf courses.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, the availability of equity and debt financing, interest rates and other risk factors as outlined in the Company’s SEC reports.
The purchase price of $7.0 million includes the issuance of operating units in Golf Trust of America, LP. GTA also has an option to purchase Beacon Hill Golf Course, located across the street from Brentwood Golf and Country Club, for $2.5 million, the cost of construction of the facility. Beacon Hill Golf Course is owned by the same group that developed Brentwood Golf and Country Club, and is scheduled to open in the summer of 1999.
Commenting on the acquisition, W. Bradley Blair, II, President and Chief Executive Officer of Golf Trust of America, Inc. said, ” We are very pleased with this acquisition, which continues to enhance our cluster approach in major metropolitan areas. The acquisition of this upscale facility, along with Mystic Creek Golf Course, another GTA facility, further strengthens our position in the Detroit suburban market.”
The Company funded the acquisition with an advance from the $100 million bridge facility provided by NationsBank and Bank of America. For the year, the Company has acquired 20.5 (18-hole equivalent) golf courses for approximately $215 million. Since its Initial Public Offering in February 1997, the Company has acquired interests in 33 golf courses for approximately $343 million.
Golf Trust of America, Inc., with headquarters in Charleston, South Carolina, is a self-administered REIT formed to capitalize on the consolidation opportunities in the ownership of golf courses in the United States. The Company’s business strategy is to acquire high quality golf courses and lease them to qualified third party operators, including affiliates of the sellers. The Company currently has interests in 43.5 eighteen-hole equivalent courses throughout the United States including the following states: Alabama, California, Florida, Georgia, Illinois, Kansas, Kentucky, Michigan, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Texas and Virginia.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, risks that pending acquisitions may not close, the availability of equity and debt financing, interest rates and other risk factors as outlined in the Company’s SEC reports, including the prospectus dated November 4, 1997 and the annual report on Form 10-K dated March 31, 1998.
“Big Easy'’ Knockoff Sellers Pay Callaway Golf; Court Date Set for Newport Golf and Jimmy Lin
January 30th, 2008
CARLSBAD, Calif.–(BUSINESS WIRE)–May 30, 2003
Callaway Golf Company (NYSE: ELY) announced today that Shirley Tsou and GolfCo in Brea, California, as well as Alex Mowry and National Golf Liquidators of Oceanside and Anaheim, California, have agreed to a permanent injunction prohibiting them from selling “Big Easy” golf clubs or any other golf clubs that infringe Callaway Golf’s intellectual property rights. In addition, these settling defendants will collectively pay Callaway Golf more than $100,000 and will forfeit their inventories of infringing products. A lawsuit filed by Callaway Golf will now proceed to trial against the remaining defendants, including Jimmy Lin and Newport Golf of Anaheim, California.
“The people that distribute illegal copies of our golf clubs are taking unfair advantage of consumers, our retail customers, our employees and our shareholders,” said Steve McCracken, Senior Executive Vice President and Chief Legal Officer of Callaway Golf. “We have settled this dispute with those people who were less involved and who have shown a willingness and desire to stop. On the other hand, we intend to pursue this case aggressively against Mr. Lin and his company, who we allege to be the main wrongdoers, seeking full recovery at trial.”
Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons, including Great Big Bertha(R) II Titanium Drivers and Fairway Woods, Big Bertha Steelhead(R) III Stainless Steel Drivers and Fairway Woods, Hawk Eye(R) VFT(R) Tungsten Injected(TM) Titanium Irons, Big Bertha Stainless Steel Irons, Steelhead(R) X-16(TM) and Steelhead X-16 Pro Series Stainless Steel Irons, and Callaway Golf Forged Wedges. Callaway Golf Company also makes and sells Odyssey(R) Putters, including White Hot(R), TriHot(R), DFX(TM) and Dual Force(R) Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) Blue and HX Red balls, the CTU 30(R) Blue and CTU 30 Red balls, the HX 2-Piece Blue and HX 2-Piece Red balls, the CB1(R) Blue and CB1 Red balls, and the Warbird(TM) golf balls. For more information about Callaway Golf Company, please visit our Web sites at www.callawaygolf.com and www.odysseygolf.com.
CHARLESTON, S.C.–(BUSINESS WIRE)–June 15, 2001
Golf Trust of America, Inc. (AMEX:GTA), a real estate investment trust (REIT), announced today that yesterday it sold Royal New Kent Golf Club and Stonehouse Golf Club, two 18-hole golf courses located in Virginia, to Schooner Capital, LLC., for total consideration of $10.8 Million.
The golf courses were initially subject to the Legends Agreement between Golf Trust and Legends, but were sold to Schooner for a superior price, pursuant to Golf Trust of America’s rights under that agreement.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, the availability of equity and debt financing, interest rates and other risk factors as outlined in the Company’s SEC reports.
Largest Golf Operator in Hawaii and Western Canada Selects GPS Industries for Second Golf Facility
January 29th, 2008
GPS Industries, Inc. (GPSI) (OTCBB:GPSN); (Frankfurt WKN#:252179), a leading innovator of Wi-Fi wireless and GPS-enabled multimedia communications and management solutions for golf facilities and residential communities, announces that GolfBC, the largest golf facility operator in Hawaii and Western Canada, will install the Inforemer Wi-Fi GPS Golf Business Solution at its Furry Creek Golf and Country Club, located near Whistler, British Columbia (BC), site of the 2010 Winter Olympics. This installation was arranged through GPSI distributor, Northstar Golf Technologies, Inc.
“Furry Creek is excited to be working with GPS Industries and implementing their complete Inforemer Wi-Fi GPS business solution with advanced 10.4″ color GPS units,” says Andy Hedley, General Manager at Furry Creek. GPSI will install its Inforemer full management system and Wi-Fi network at Furry Creek, and equip its fleet of 80 carts with 10.4″ color cart-mounted GPS units. Furry Creek will also utilize the Inforemer solution to offer high-speed Wi-Fi internet access to its members and guests.
Furry Creek boasts an 18-hole course with panoramic ocean views, an award-winning clubhouse and restaurant and an ocean-side community development. A nine-time award recipient, including “BC’s Best Scenery,” and a four-star rated course by Golf Digest Magazine, Furry Creek is located on the spectacular Sea to Sky Highway linking Vancouver to world-renowned ski resort and site of the 2010 Winter Olympics, Whistler. For more information on Furry Creek and GolfBC, visit www.golfbc.com.
About GPS Industries, Inc.
GPS Industries, Inc. (GPSI) develops and markets GPS and Wi-Fi wireless multimedia solutions to enable managers of golf facilities, resorts, sporting events, and residential communities worldwide to generate significant new revenue streams and improve operational efficiencies. The company’s unique and patented Inforemer(TM) product line provides a complete GPS golf business solution, combining a powerful backend management information system and revenue generating modules with mobile color handheld or cart-mounted Differential GPS units, seamlessly connected via a wireless, high-speed Wi-Fi network. GPSI owns the GPS golf patents for all major golf markets worldwide, including North America, Australia, Japan and 11 European nations. Legendary professional golfer, Greg Norman, is a member of GPSI’s board. For additional information on GPSI and its solutions, please visit www.gpsindustries.com.
About NorthStar Golf Technologies, Inc.
Northstar Golf Technologies, Inc. distributes the Inforemer Wi-Fi GPS Business Solution to golf facilities across British Columbia and northern Washington. For more information on Northstar Golf, visit www.northstar-golf.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: The Company’s ability to raise finance; global and market conditions within the golf industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company’s Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Other brands and names contained in this release are the property of their respective owners.
National Golf Properties Acquires Cobblestone Golf Properties
January 28th, 2008
National Golf acquired the courses from Golf Acquisitions LLC, which was formed by American Golf Corp. and ClubCorp Inc., for the purpose of acquiring the Cobblestone Golf Group, a portfolio of 48 golf courses, from The Meditrust Companies for approximately $386 million after adjustments for cash balances.
In related transactions with Golf Acquisitions, American Golf acquired a management agreement, an annual concession agreement and a lease on a nine-hole municipal golf course for approximately $5.2 million and ClubCorp acquired 24 courses for approximately $204.6 million.
Concurrent with the closing of this transaction, National Golf arranged a $300 million unsecured, revolving credit facility, which was used to fund this transaction and pay off the $93 million balance on National Golf’s existing $100 million credit line. Borrowings under the new three-year facility generally carry an interest rate of LIBOR plus 225 basis points.
“The Cobblestone portfolio is a collection of high-quality and well-located golf courses that fit squarely within our standard acquisition target profile in our cluster markets,” stated James M. Stanich, president of National Golf.
“This creates significant opportunities to increase revenues and cash flow, which should generate higher percentage rent for National Golf. In this fragmented industry, the opportunity to purchase a large portfolio of quality assets at such attractive pricing is very limited.”
All but two of the courses acquired by National Golf have been leased to American Golf. Sweetwater Country Club, a 36-hole private facility, will be operated by Golf Enterprises Inc. Pursuant to triple net leases, National Golf will receive minimum annual base rent equal to 8.75% of its investment in the properties, including transaction costs and specified capital expenditures.
The base rent will increase contractually by 50 basis points each year for the first six years of the term such that, in 2005, the base rent will be equal to the 11.75% of National Golf’s investment. In addition, a percentage rent feature will allow National Golf to participate in growth in revenues and cash flow from the properties.
The golf courses acquired by National Golf are as follows: -0-
Property Type Holes City State
Ahwatukee Country Club Private 18 Phoenix AZ
The Foothills Golf Club Daily Fee 18 Phoenix AZ
The Lakes at Ahwatukee Golf Club Daily Fee 18 Phoenix AZ
Red Mountain Ranch Country Club Private 18 Phoenix AZ
Carmel Mountain Ranch
Country Club (note A) Daily Fee 18 San Diego CA
Eagle Crest Golf Club Daily Fee 18 San Diego CA
El Camino Country Club Private 18 San Diego CA
The Vineyard at Escondido
Golf Club (note A) Daily Fee 18 San Diego CA
The Trophy Club of Appalachee Daily Fee 18 Atlanta GA
The Trophy Club of Atlanta Daily Fee 18 Atlanta GA
Blackstone Golf Club (note B) Daily Fee 18 Dallas TX
Los Rios Country Club Private 18 Dallas TX
Ridgeview Ranch
Country Club (note A) Daily Fee 18 Dallas TX
Thorntree Country Club Private 18 Dallas TX
Pecan Grove Plantation
Country Club Private 27 Houston TX
Sweetwater Country Club (note A) Private 36 Houston TX
Woodlake Country Club Daily Fee 18 San Antonio TX
Brandermill Country Club Private 18 Richmond VA
Kiskiack Golf Club Daily Fee 18 Williamsburg VA
Virginia Oaks Golf Club Daily Fee 18 Gainesville VA
Note A: With respect to these courses, National Golf acquired
leasehold interests.
Note B: Blackstone is currently in development.
National Golf Properties is the largest publicly traded company in the United States specializing in the acquisition and ownership of golf course facilities. National Golf Properties’ portfolio consists of 151 golf courses geographically diversified among 26 states.
Author: Array
New owners take swing at struggling golf course
January 28th, 2008
MCTN, a limited liability company with partners in Denver and San Diego, paid an undisclosed amount in August for the 18-hole Gleneagle Golf Club, northeast of Interstate 25 and North Gate Road.
MCTN bought the club from Bethesda Development Co. of Colorado Springs. MCTN owns the Eagle Trace Golf Club in Broomfield, north of Denver.
The Gleneagle Golf Club, a public course covering 144 acres, is part of the unincorporated Gleneagle subdivision directly north of Colorado
Springs’ northernmost tip.
In 1992, Springs-based Escalante Golf Inc. bought the course from Bethesda, which developed much of the Gleneagle subdivision. Bethesda is part of Springsbased Bethesda Associates, parent of the worldwide Bethesda Ministries.
After a decade of ownership, Escalante was unable to refinance a maturing loan on the golf course and turned the property back to Bethesda in October 2002. Escalante had struggled with competition from other courses, last year’s drought and wildfires.
MCTN managing partner Frank Owens, a Denver marketing executive, said he and his group liked Gleneagle’s potential. Upper-middle- class to upscale homes and neighborhoods surround it. Its amenities include a clubhouse and banquet facilities, an Olympic-sized swimming pool, tennis courts and a fitness center.
“It has a tremendous amount of upside,” Owens said. “That’s what we saw.”
Owens said his group will market toward juniors, women and seniors to increase play. A golf learning center and junior golf clinics are planned. The new owners want to boost use of banquet facilities and upgrade food and beverage service.
No major expansions are planned, Owens said. It’s possible fees could rise, but MCTN doesn’t want to price players out of the market.
“We want to develop traffic and play, rather than raise rates and operate on a small base with a higher price,” Owens said. “We want to keep the rates very affordable but also develop a lot of consistent play.”
Other members of MCTN include Owens’ wife, Jennifer, a Denver real estate developer, and San Diego attorney Miles Scully.
The new owners plan an open house Sept. 26.
A Florida-based business group bought the Woodmoor Pines Golf & Country Club, an 18-hole private course, in August. Last year, a Denver group bought the 18-hole Divide at King’s Deer, a public course. Both Woodmoor Pines and the Divide at King’s Deer are in unincorporated El Paso County, north of the Springs.
Although Escalante no longer owns Gleneagle, it did buy the Pine Creek Golf Course in Briargate on Colorado Springs’ north side in 2002.
CONTACT THE WRITER: 636-0228 or rladen@gazette.com
COLOR MAP: Gleneagle Golf Club
THE GAZETTE
Author: RICH LADEN
Callaway Golf Signs Rising Young Star Casey Wittenberg to Endorse Company’s Golf Clubs and Golf Balls
January 27th, 2008
“It’s a great thrill for me to be associated with Callaway Golf,” said Wittenberg, who turned professional following the U.S. Open and signed with IMG. “I have played Callaway equipment for most of my life and have had great success with it. It’s a company that is synonymous with cutting edge technology in golf clubs and golf balls, and I am amazed by the expertise and professionalism of the Callaway Golf tour staff. I look forward to a great partnership both on and off the golf course.”
Wittenberg has already compiled some major highlights at golf’s biggest events, including an impressive tie for 13th finish at the 2004 Masters, which was the best Masters finish by an amateur in 41 years and gives him an invitation to play in next year’s event. Additionally, Wittenberg was the only golfer in the field to improve his score each day, shooting rounds of 76-72-71-67, and his final round included a back nine score of 31- the lowest Sunday back nine total by an amateur in tournament history. He backed up his Masters debut with an impressive showing at the U.S. Open at Shinnecock Hills last month, shooting rounds of 71-71 to easily make the cut and finished at 296, the second-best total by an amateur.
A native of Memphis, Tennessee, Wittenberg recently earned All-American honors during his freshman year at Oklahoma State University. Prior to turning professional, Wittenberg was the #1 ranked amateur for almost a year and joined Tiger Woods as the only other player to achieve the #1 amateur ranking prior to entering college. In 2003, while only 18 years old, Wittenberg dominated amateur golf. He finished runner-up at the U.S. Amateur at Oakmont Country Club, where he lost in a sudden death play-off. He was selected as a member of the 2003 Walker Cup team and was the youngest participant on either side. Prior to joining the Walker Cup Team, Wittenberg won the prestigious Porter Cup, where he set a tournament record by finishing at 14-under-par 266. Wittenberg also won the Southern Amateur and the Terra Cotta Amateur last year.
Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons, including ERC(R) Fusion(R) Drivers and Fairway Woods, Great Big Bertha(R) II Titanium Drivers and Fairway Woods, Great Big Bertha II 415 Titanium Drivers, Big Bertha Titanium Drivers and Big Bertha Stainless Steel Fairway Woods, Hawk Eye(R) VFT(R) Tungsten Injected(TM) Titanium Irons, Big Bertha Stainless Steel Irons, Steelhead X-16(R) and Steelhead X-16 Pro Series Stainless Steel Irons, Game Enjoyment System(TM) (GES(TM)), Callaway Golf Forged+ Wedges and Callaway Golf Forged Wedges, and Callaway Golf Tour Blue(TM) Putters. Callaway Golf Company also makes and sells Odyssey(R) Putters, including White Hot(R), TriHot(R), DFX(R) and Dual Force(R) Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) Tour balls, HX Blue and HX Red balls, Big Bertha(TM) Blue and Big Bertha Red balls, and the Warbird(TM) balls. Callaway Golf also owns and operates The Top-Flite Golf Company, a wholly owned subsidiary that includes the Top-Flite(R), Strata(R) and Ben Hogan(R) brands. For more information about Callaway Golf Company, please visit our websites at www.callawaygolf.com, www.topflite.com and www.odysseygolf.com.
Author: Array
Callaway Golf Acquires Stock of FrogTrader, Inc
January 24th, 2008
Under the Trade In! Trade Up! program, Callaway Golf consumers receive trade-in allowances on their previously owned Callaway Golf clubs toward the purchase of new Callaway Golf clubs. The previously owned products are either kept and sold by the participating retailers or are sent to Callaway Golf Pre-Owned where they are marketed in the direct channel. The option to trade in used clubs has become very popular with consumers looking to upgrade their Callaway Golf equipment, and the ability to purchase used Callaway Golf clubs on line has become a less expensive alternative for consumers seeking to purchase Callaway Golf products.
“The introduction of Callaway Golf’s unique Trade In! Trade Up! program has provided incremental sales to our participating retailers and at the same time given an opportunity to an additional segment of consumers to have access to previously owned Callaway Golf technology at extremely attractive prices,” said Ron Drapeau, Chairman and CEO of Callaway Golf. “The closer affiliation will better position Callaway Golf to stimulate purchases of new clubs by growing the Trade In! Trade Up! program, and also will allow Callaway Golf to better manage the distribution of its pre-owned golf clubs and the Callaway Golf brand.”
“The emergence of the Internet as an efficient method of offering pre-owned Callaway Golf products to an expanded consumer base has both enlarged the Callaway Golf consumer base and grown the Callaway Golf value chain for participating Callaway Golf retailers,” said Patrice Hutin, President and COO of Callaway Golf. “This vehicle works hand in hand with existing brick and mortar retailers in support of growing the Callaway Golf brand as well as their own businesses.”
FrogTrader’s operations will remain in Austin, Tex., and its management team will remain intact.
Callaway Golf Company makes and sells Big Bertha(R) Metal Woods and Irons, including ERC(R) Fusion(R) Drivers and Fairway Woods, Great Big Bertha(R) II Titanium Drivers and Fairway Woods, Great Big Bertha II 415 Titanium Drivers, Big Bertha Titanium Drivers and Big Bertha Stainless Steel Fairway Woods, Hawk Eye(R) VFT(R) Tungsten Injected(TM) Titanium Irons, Big Bertha Stainless Steel Irons, Steelhead X-16(R) and Steelhead X-16 Pro Series Stainless Steel Irons, Game Enjoyment System(TM) (GES(TM)), Callaway Golf Forged+ Wedges and Callaway Golf Forged Wedges, and Callaway Golf Tour Blue(TM) Putters. Callaway Golf Company also makes and sells Odyssey(R) Putters, including White Hot(R), TriHot(R), DFX(R) and Dual Force(R) Putters. Callaway Golf Company makes and sells the Callaway Golf(R) HX(R) Tour balls, HX Blue and HX Red balls, Big Bertha(TM) Blue and Big Bertha Red balls, and the Warbird(TM) balls. Callaway Golf also owns and operates The Top-Flite Golf Company, a wholly owned subsidiary that includes the Top-Flite(R), Strata(R) and Ben Hogan(R) brands. For more information about Callaway Golf Company, please visit our websites at www.callawaygolf.com, www.topflite.com and www.odysseygolf.com.
Author: Array