Mike,
Thanks but no thanks. If I get into the golf business, it will unlikely be as a developer. Maybe as a vulture, though I think the market still has some ways to go.
Have you heard anything in your industry circles about Arnold Palmer Golf Management buying a 20 property Texas portfolilo from American Golf Corp.? The price was not released, but I am curious. My former home club was included in the package, and couple of weeks ago, I received a letter from the new management company offering me zero initiation if I joined again and signed a one year contract.
Martin,
I don't understand the economics of golf in Scotland, but I am assuming that the principals of the proposed project do. With green fees on TOC around $180 when I was there a couple of years ago and the scarcity of tee times, maybe there is enough demand.
Hopefully the investors, members, and debtors will do their due diligence before going forward. Unless there is some public financing involved, it seems to me that the area can only benefit, even if the project fails for the first owners.
Would you be nearly as concerned if it was a low to mid-scale project, designed by a UK national, and open to the public? What will this club's competition be?