Bandon Dunes formular might be changing?

[Paul Jones]

Matt just sent me an email that Keiser is building 2 resort courses in Texas (Wild Spring Dunes) near the Louisiana border using Doak/C&C.


Seems this formula is working very well and not only for Keiser but others:  Bandon Dunes, Streamsong, Cabot Links, Cabot Citrus Farm, Tara Iti, Barnbougle, Rodeo Dunes and now Wild Spring Dunes and guessing I left off 1 or 2 others.


What seems to be a little different is now offering a type of membership to a golf resort... Sand Valley was the first one I heard of and then Tara Iti (little different as Tara Iti is completely private) and now Wild Spring Dunes.  Did not look to see if Rodeo Dunes will be offering a membership.


Do you think adding a membership to a resort will become the norm?

[Paul Jones]

Just looked and Rodeo Dunes is offering a membership:


Rodeo Dunes is offering a limited number of Founder memberships. Make your own mark on golf history by joining with us to bring Dream Golf to the very outskirts of Denver. If you would like to commit to helping build a golf experience that will last for centuries, complete the Interest Form below.

[Jon Claydon]

This was also true at Sand Valley. 

[Rob Marshall]

I may be missing something but why would a membership at a resort be new? Innisbrook has memberships. The Rookery and Hammock Bay in Naples are tied into the Marco Island Marriott and they have memberships just to name two.

[David_Tepper]

My guess is selling these "Founder" memberships is a good way to raise enough cash to help get these projects off the ground and have enough money on hand to get 2 or more courses (and the necessary infrastructure) built at the same time.

Remember, Bandon was built out slowly over time. They could use the cash flow from the success of the 1st course to help fund the 2nd course and the cash flow from the 1st two courses to help fund the build of the 3rd course, etc.   

[Steve_Roths]

I've been confused about these memberships for Rodeo Dunes for example.  Do they get a cut of the revenue? 

[Mike_Young]

Sea Island has always had memberships...

[Kevin_Reilly]

I've been confused about these memberships for Rodeo Dunes for example.  Do they get a cut of the revenue?

Not sure what is confusing.  The page for Rodeo Dunes is pretty clear you get nothing beyond a few perks.


https://www.rodeodunes.com/founderoffering

[JohnVDB]

Nothing new really. There has been a private club at Spyglass from the beginning.  Its clubhouse is the building behind 18 that once housed the NCGAs office.


Even Bandon has a private club. Very limited to local business people I believe.

[Tommy Williamsen]

I live at a golf/ski resort and have been a member since 1985 when it became my second home.

[PCCraig]

Correct me if I'm wrong but at Sand Valley (and I would assume Rodeo Dunes) the $50-75thd is reimbursed after a few years? Assuming the resort is successful?

[Paul Jones]

I had no idea all these resorts had memberships...  I do see the memberships being worth it, if you are a local.


Sand Valley Founders got 1/2 money back and then offered memberships at The Lido in exchange for the other half.  Seems like they are not doing that (equity/refundable) anymore with Rodeo and Wild Spring.

[Tim_Weiman]

I had no idea all these resorts had memberships...  I do see the memberships being worth it, if you are a local.


Sand Valley Founders got 1/2 money back and then offered memberships at The Lido in exchange for the other half.  Seems like they are not doing that (equity/refundable) anymore with Rodeo and Wild Spring.

Paul,


Did the other half fully cover the initiation fee at Lido?


Thanks,


Tim

[Wayne_Kozun]

Cabot St Lucia is membership as well - although for now I believe they are allowing others to play.  But the long term plan is that it will be members for those owning real estate on the property.  But the real estate is not yet built.

[Kevin_Reilly]

Nothing new really. There has been a private club at Spyglass from the beginning.  Its clubhouse is the building behind 18 that once housed the NCGAs office.

Unfortunately, the private club "aged out" back in 2016.  Was an amazing good deal for the "Founders" for 50 years.  I played there as a guest of a Founder and the fee was a pittance.

[Mike Hendren]

As Opie’s pal Johnny Paul wisely said: “It ain’t a club unless you can keep someone out.”

[Jay Mickle]

Pinehurst and the Three Pines ( Mid Pines, Southern Pines and Pine Needles) have regular memberships in addition to the resort play.

[Bill Seitz]

Correct me if I'm wrong but at Sand Valley (and I would assume Rodeo Dunes) the $50-75thd is reimbursed after a few years? Assuming the resort is successful?

My understanding was that this was initially the plan, but when Lido opened as a private club, founders had the option to roll that into a Lido membership.  No idea what percentage decided to do that.