The insurance and financial services firm bought the Greensboro, Ga., property in a deal that includes The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront space.
New York-based insurance and financial services firm MetLife has completed its purchase of Reynolds Plantation in Greensboro, Ga., The Associated Press reported.
MetLife emerged last May as a buyer for the luxury residential golf community and resort, which is located between Atlanta and Augusta (“Reynolds Plantation to be Sold to MetLife“). At that time, MetLife cited the purchase as a fit with its strategy to finance destination properties, after observing a strong rebound in the lodging industry for mortgages.
The financial details of the deal were not disclosed, but MetLife said it has a real estate portfolio of more than $60 billion.
Reynolds opened its doors in 1988 and was featured in 2008 by Club & Resort Business for its development of a variety of activities and amenities (“Growing a Rich Variety of Attractions at Reynolds Plantation“). But after the collapse of the housing market, the resort’s founder and owner, Linger Longer Development Co., fell under a heavy debt burden.
After attempts by the Reynolds family to convince homeowners to purchase the golf courses, clubhouses and facilities were rejected, Linger Longer Development worked to pay off the $45 million in debt necessary to renew a line of credit, after executives of the company pledged $60 million of their own assets to help pay off $105 million of debt. But in 2011, a bank-appointed receiver was hired to operate the club and market the community and undeveloped land as a search for a buyer was conducted.
In a statement announcing the closing of the acquisition, MetLife said the deal includes The Ritz-Carlton Lodge that is on the property, as well as six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront, AP reported.
Daniel Corp., based in Birmingham, Ala., will oversee Reynolds Plantation, AP reported. Daniel Corp. has also developed and managed Ross Bridge and Grand River residential golf resorts in Birmingham.
In its September 2012 issue, Club & Resort Business will provide an update on how recreation and fitness activities at Reynolds Plantation will play a key role in the future strategy to market the destination property under its new owner and operator.