National Golf Properties Acquires Palm Valley and Monterey Country Clubs in Palm Desert, California

National Golf Properties, a leading real estate investment trust specializing in golf course properties, has expanded its portfolio with the acquisition of Palm Valley and Monterey Country Clubs in Palm Desert, California. This acquisition marks the eighth golf course purchase for National Golf Properties in 1995, representing an aggregate investment of approximately $55 million. The two country clubs, featuring a total of 54 holes of golf, will be leased to American Golf Corp., which operates over 190 golf courses across the United States and the United Kingdom.

Key Takeaways:

• National Golf Properties has acquired Palm Valley and Monterey Country Clubs in Palm Desert, California, marking its eighth golf course purchase in 1995.
• The acquisition represents an aggregate investment of approximately $55 million, in addition to the $24 million investment in Palm Valley and Monterey.
• The two country clubs will be leased to American Golf Corp., which operates over 190 golf courses across the United States and the United Kingdom.
• Palm Valley Country Club features two 18-hole Ted Robinson-designed golf courses and a 1,274-unit master-planned community with amenities such as a driving range, tennis courts, swimming pool, and fitness center.
• Monterey Country Club features a 27-hole Ted Robinson-designed golf course and a 1,206-unit master-planned community with amenities such as a driving range, tennis facility, and fitness center.
• National Golf Properties' portfolio consists of 78 courses, including 40 daily fee courses, 22 private country club courses, and 16 resort courses.
• National Golf Properties has a geographically diversified portfolio across 23 states and the United Kingdom.

Statistics:

• Aggregate investment in Palm Valley and Monterey Country Clubs: approximately $24 million
• Aggregate investment in eight golf course purchases in 1995: approximately $55 million
• Number of golf courses in Palm Valley Country Club: two 18-hole courses
• Number of tennis courts in Palm Valley Country Club: 19 championship courts
• Number of units in Palm Valley Country Club master-planned community: 1,274
• Number of holes in Monterey Country Club golf course: 27
• Number of units in Monterey Country Club master-planned community: 1,206
• Number of golf courses in National Golf Properties' portfolio: 78
• Number of states in National Golf Properties' portfolio: 23
• Number of countries in National Golf Properties' portfolio: 2

Sources:

• Business Wire, August 1, 1995