Tom Doak - you are certainly right about the business model over here, apart from a few success stories one of which is the Wisley, big money ventures are unlikely to succeed in the UK. The Wisley has a pretty good 27 hole course with very good facilities, the difference is the club is in an area where the best clubs require sponsors, seconders, 10 signatures, etc, etc so a successful person cannot just join the best local club.
Of the US owned clubs you named how many are actually a financial success? Why would a well heeled overseas visitor spend $50k + to join a new Scottish or Irish club when they can take a couple of overseas memberships at top clubs for $500pa each, stay in good hotels and be thousands of dollars better off. Also join a top local links club and you meet locals not fellow players from IL, FL, CA, NY, etc.