Related Articles & Reports

This page will hopefully keep up with all the on-line articles people are referencing in their comments and emails. With this page I am attempting to fulfill a request that all the articles are in one place – which is somewhat hard to do without ending up with a disorganized hodge-podge.

September 01, 2022
Anatomy of a Golf Club Revival: How This Nevada Facility Turned Around Its Fortunes
(pdf doc)

July 02, 2022
Oregon Golf Club Threatened Neighbors
(pdf doc)

July 16, 2018
HOAs and their golf courses – Golf Property Analysts

April 9, 2016
How Will HOAS Deal With Dying Golf Courses?

January 05, 2016
IRS Tees Off Golf Courses’ Green Tax Claim PDF

November 07, 2015
Articles on nature preserves and golf courses converted to open space inside housing developments:
click here

October 27, 2015
Golf Links Sap San Jose, CA article references:
San Jose weighs closing a golf course to stem financial losses – San Jose Mercury News
Golf Links Sap Budget
Golf Courses – Loss of Customers and Revenues Requires A New Strategy
San Jose Financial Sand Trap: 2008-2009 SANTA CLARA COUNTY CIVIL GRAND JURY REPORT

October 04, 2015
More Luxury Lots Available For Just $1 Today Than During Recession

September 27, 2015
Lack of water Desert Sun article: Rancho Mirage Country Club: dead Course, Unknown Future

September 22, 2015 additions:
Washoe County’s Requirements and Schedule of Rates and Charges for provision of Reclaimed Water Service Ordinance No. 1299 Special note: Articles 3.1, 3.5, 3.10, 3.20
Poisoned Golf
Polluted golf course Page 1 of 2
Polluted golf course Page 2 of 2

August 25, 2015 addition:
Koppenhaver: Too Many Golf Courses, Too Few Golfers

June 09, 2015 addition:
Analysis of Golf Course Closure Impacts on Home Sales Price Trends by Brian Bonnenfant, Project Manager for the Center for Regional Studies, College of Business at the University of Nevada, Reno (UNR)

May 31, 2015 addition:
Wall Street Journal: In Real Estate, Golf Ups Its Game

March 23, 2015 addition:
UNR Literature Review of Home Value Factors by Dr. Mark Pingle, Professor of Economics, and Cameron Belt, Graduate Student of Economics

Feb 28, 2015 additions:
Why You Need to Research School Districts When Buying A Home
National Blue Ribbon School Recognition for Ted Hunsberger Elementary School
Public School Review of Hunsberger Elementary School

Feb 22, 2015 addition:
Golf Encourages Golf Courses

Feb 15, 2015 additions:
These are about the 2008 fiasco:
ArrowCreek could close unless suit dropped
ArrowCreek Homeowners Propose Buying ArrowCreek Golf Course

Feb 8, 2015 addition:
Sadness Over Lost Country Club

Jan 12, 2015 additions:
Dispute over mandatory membership at Kensington heads to court
Appeals court rules Ironhorse Homeowners don’t have to pay membership fee

Jan 2, 2015 addition: The Economist: Golf Struggles

Here are once again the articles on the REreno blog regarding Somersett and Golf:
in July 2013 — The $107 Bucket of Balls
again in July 2013 — Somersett – A Modest Proposal
in Nov 2013 — CCR Revisions at the ‘Sett
in Jan 2014 — Fore! – mentions ArrowCreek as well.
in Sep 2014 — The ‘Sett

These articles are mentioned elsewhere throughout the blog:
A Game of Golf Not For Many Millennials
How Investors are betting on golf’s decline
Golf Market Stuck in Bunker as Thousands Leave the Sport
HOA Fees Keep Somersett Golf in the Black
Plan to save Skyline Country Club relies on non-member homeowners
Homeowner sues over plan to force Skyline resident to save country club
COURT OPINIONS – Mostly Florida

This lengthy paper has lots of topics, references and links. It contains CIC governance, golf industry, mandatory memberships, principal-agent problems, land value study references, not-for-profit vs for-profit organizations, and almost two pages of references:
The Moral Hazard of Mandatory Membership in Private Clubs

The Golf Course is becoming a Source of Contention
Titles in the stream:
** The Golf Course is becoming a Source of Contention
** In many HOA’s other than 55+ communities, the golf course is becoming a source of contention
** Tips for turning around a failing golf operation **Very Worthwhile reading!
** Golf Course Living Doesn’t Have to Be Expensive
** Mandatory Country Club Membership in HOA’s
** Royal Oaks Golf Course on verge of closure
** Club Members Learn to Swing More Than 5-Iron – mentions Northgate, D’Andrea
** Homeowners Association Wants To Buy Golf Course; Not Everyone Thinks It’s A Great Idea
** Mandatory Country Club Memberships May Not be Mandatory After All …

More . . .
Why Do People Choose to Live in Golf Course Communities?
Does Proximity to a Golf Course Matter?
A Book Review: Golf Courses and Country Clubs: A Guide to Appraisal, Market Analysis, Development, and Financing

The homes association handbook: A guide to the development
and conservation of residential neighborhoods with common open space and facilities privately owned and maintained by property-owners associations founded on legal agreements running with the land –

Look at PAGE 7 of
Economic Dimensions of the Florida Golf Course Industry ( This is EDIS document FE 344, a publication of the Department of Food and Resource Economics, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida, Gainesville, FL. Published December 2002. Reviewed October 2008. Available on the World Wide Web at
Economic Impact Analysis
Private-Equity Golf/Country Club Communities: Issues and Answers
What Private Country Clubs Will Have to Do to Survive
The Country Club Crash


5 Responses to Related Articles & Reports

  1. Marla Gartrell says:

    In what may represent an inflection point in golf’s post-recession recovery, private-equity funding made a decisive return to the industry last year. This activity may signal a more bullish outlook on the current value of golf courses.

    Four prominent golf portfolio acquisitions took place during the second half of last year. These purchases, which combined could end up totaling nearly $1 billion, involved the re-appearance of well-funded private investment firms that have been largely absent from golf during the past several years. Moreover, the deals included several of golf’s top operators, including ClubCorp and Troon Golf, the industry’s largest ownership and management groups respectively.

    The foursome of big money deals were only part of the 260-plus transactions that were verified by NGF between late 2013 and the end of 2014, about 10 percent more than we identified the previous year. Those transactions included the revitalization of a vast Hawaiian project and noteworthy investments of Chinese capital into several prominent U.S. golf destinations, including Myrtle Beach, Las Vegas and Southern California.

    “I don’t see acquisitions slowing down anytime soon,” said Keith Cubba, national director of Colliers Golf Group, “But it will continue to be market specific. Courses that have good business models and are in an area with a strong population of golfers will continue to be attractive from an acquisition standpoint.”

    Investment in the golf industry, however, hasn’t been limited to acquisitions alone. NGF is currently tracking dozens of renovations and additions to existing facilities across the country, ranging from high-end resort and residential courses to municipal operations.

    Here’s a look at the high profile acquisitions.

    Four Big Deals

    The aforementioned quartet of big-money transactions provided a boost to the category, which has been anticipating the re-emergence of private equity funding that had already returned to other industries before now. This is especially true given the companies involved—ClubCorp, Troon Golf, American Golf, Sequoia Golf and CNL Lifestyles—and the well-established firms now financing them.

    See Also NGF’s Article: Number of Courses under Management Companies Still Growing

    Newcastle Investments, managed by Fortress Investment Group, a $65 billion private equity firm, acquired American Golf for $219 million, and contracted with Century Golf Partners to run the properties. American Golf owns or leases more than 100 golf courses, many of which are concentrated in population centers in California, New York and Chicago, and include a healthy number of municipal facilities.

    Fortress is also the backer of Arcis Equity Partners, which purchased the CNL Lifestyle portfolio of 48 golf courses for a reported $320 million (Golf Inc.). Arcis also recapitalized Eagle Golf, which will now manage all the CNL Lifestyle facilities Arcis acquired. Eagle Golf has been managing courses since 1984 and features a diverse golf portfolio.

    Also this summer, Sequoia Golf and its 30 courses, 17 management contracts and three leases was acquired by ClubCorp for $265 million. ClubCorp now owns or operates more than 200 courses in 26 states, the District of Columbia and two foreign countries. Lastly, Troon Golf, the largest golf management company in the world, completed a transaction with the private equity firm of Kohlberg and Company and Greg Norman’s company, Great White Shark Enterprises. The deal will provide Troon with an infusion of capital and strategic partners to help accelerate its growth, according to a company press release.

    “This is a momentous sea change in the industry,” Steven Ekovich, managing director of National Golf & Resort Properties Group at Marcus & Millichap, an NGF Executive Member, told Golf Inc. this past fall. “Buyers are buying into golf, and there would be no such investment if the industry had not turned the corner.”

    The Smaller Deals

    During the past several years, Mr. Cubba has brokered one-off purchases for Pacific Links International (PLI), a Canada-based ownership group offering multi-course membership programs to international clients. PLI, Cubba said, seeks out higher-end courses in appealing destinations that come with manageable debt and affluent golfer appeal. During the past four years, PLI has acquired courses in Hawaii, Southern California and Las Vegas.

    “It’s a well-developed plan they are operating under,” Cubba said. “And it’s not unlike what other buyers are looking to do when acquiring courses.”

    Heritage Golf received an infusion of cash from Tower Three Partners, another private equity firm. Subsequently, Heritage purchased The Dominion Club in Glen Allen, Va. and Champions Retreat Golf Club in Georgia, which features three nine-hole layouts crafted by Jack Nicklaus, Arnold Palmer and Gary Player.

    Well-funded private owners are also getting into the game. Marriott Vacations Worldwide just recently closed on a $60 million sale of its Kauai Lagoons project to Hawaiian developer Ed Bushor. Construction of the mixed-use oceanfront project, which includes the 27-hole Jack Nicklaus-designed Kauai Lagoons Golf Club and clubhouse, was suspended by Marriott during the recent recession (golf course opened prior to the suspension of construction). Bushor told Pacific Business News this month that he intends to complete the project, may include up to 700 residential units in addition to the Ritz-Carlton Residences.

    During the past year and a half, Myrtle Beach has received an influx of new ownership and capital from the Founders Group, a Chinese investment group, according to The Sun News. This past fall, Founders Group purchased three courses from Classic Golf Group for a reported $11 million and in December added its ninth Myrtle Beach course with the purchase of Colonial Charters Golf Club for $1.3 million.

    “They feel they have an avenue in China to bring people here,” Classic Golf Group General Manager Rick Taylor told Golf Inc. in October. “(Marketing cooperative Myrtle Beach) Golf Holiday has been doing a lot of work with China, trying to attract them to come to the Myrtle Beach area, and [Myrtle Beach Golf Holiday] believes that also. That’s probably as big a strategy as they have.”

    Renovations and Additions

    As the economy improves, re-investment into courses and facility infrastructure follows. A significant number of course renovations and additions are or have recently taken place, and NGF is currently following 76 (18HEQ) such projects where ground has already been broken. Nearly two-thirds of the projects involve facilities that are open to the public, and 77% of those public tracts have published greens fees of $70 or lower, according to the NGF facility database. This underscores the fact that courses of various price levels and access are undergoing improvements by current ownership, which will benefit a wide array of golfers.

    Click here to enlarge the image.

    The Sea Pines Resort, home of Harbour Town Golf Links, began a $25 million investment plan in 2013 that is currently ongoing and includes multiple facilities. The Hilton Head Island-based resort is building a new clubhouse at Harbour Town, home of the PGA TOUR’s RBC Heritage, and will close the course this summer to re-grass the fairways, re-seed the greens and replace the irrigation system. The resort has also hired PGA TOUR star Davis Love III to renovate the Ocean Course, one of the first layouts ever constructed on the South Carolina barrier island.

    “Our continual goal at the Sea Pines Resort is to offer world-class golf,” said Cary Corbitt, the resort’s vice president of sports and operations.

    A number of other prominent courses are undergoing or have recently benefited from post-recession investment by current ownership. The rather-dramatic changes to Pinehurst No. 2 were on display during last year’s U.S. Open Championship, and the North Course at Torrey Pines—a municipal facility—is prepping for a multi-million-dollar renovation of its own this spring.

    Forward Looking

    The primary indicators of golf’s health and stability—rounds played and participation—were relatively steady in 2014. The recent trend of acquisition and investment is another positive.

    That momentum from 2014 has already spilled into the New Year, evidenced by the consummation of the Kauai Lagoons deal. The market supply correction will also carry over, but the fact that there’s a significant concurrent investment in existing facilities—from the local muni to the high-end resort property—is a sign of positivity as 2015 gets underway.


    • Great to hear positives! Please cite your source(s), though, as has been done for the negatives. Readers will desire them. What is NGF? I know you have names for some quotes but people like to go ferret out the sources for themselves and I like to post them so readers don’t have to google for the info themselves. Please identify articles, publications and dates.

      If the picture is so rosy, then perhaps there will be enough voluntary members that the rest of the community will not be forced to join in. Thanks!


      • Ron Duncan says:

        This is really a very positive article dealing with M&A activity within the golf infra-structure. The key phrase that should catch everyone’s attention is “But it will continue to be market specific. Courses that have good business models and are in an area with a strong population of golfers will continue to be attractive from an acquisition standpoint.”
        Does this statement apply to Reno and ArrowCreek? There’s certainly a paucity of evidence that would support the application of this statement to our local market.
        Ron Duncan


      • Marla Gartrell says:

        NGF is the National Golf Foundation.


  2. New Article Added: “The future of golf: Handicapped” from The Economist


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