Located on the 89th floor of One World Trade Center, the 32,000-sq. ft. club will offer a variety of dining, social and business amenities, and is expected to open in late 2017. The facility will provide a cultural and business exchange setting for U.S. and Chinese professionals, political leaders and entrepreneurs.
Golfers Experience “Evolution of Expectations” for Green Courses
An Urban Land Magazine report details how the golf industry is adapting to more frequent droughts, falling water supply levels, and government restrictions on water use. “Everyone understands water is the greatest challenge we face going into the future,” said Rhett Evans, CEO of the GCSAA.
ClubCorp Announces Record Financial Results
For the eighth consecutive quarter, the Dallas-based owner/operator has reported continued growth. For the first quarter of fiscal year 2016, revenue has increased 6.3% and adjusted EBITDA has increased 8.2%, driven by higher revenue and improved margin performance.
Top Honors
The 2015 recipients of the Excellence in Club Management Awards were honored during a reception, dinner, and ceremony at the San Diego Yacht Club on February 23.
Breathing Room
As the demand for multiple dining venues at club and resort properties continues to grow, outdoor dining areas that act as extensions of existing space can give members and guests a whole new perspective.
ClubCorp Sees Decline in Shares, Joins NCA
Shares of the Dallas-based club owner and operator fell 9.2% on April 7 following an attack by a short seller, but analysts polled by Bloomberg have 11 buy ratings, one hold and no sell recommendations on the company. ClubCorp is also now a member of the National Club Association, which actively lobbies for the private club industry.
Rolling Green CC Unveils $1.5M Renovation
The 90-year-old club in Arlington Heights, Ill., was purchased by ClubCorp last year, and showed off updates to members at a “reinvention celebration.” The lobby and banquet facility were refreshed, the boardroom now doubles as a private dining space, and the fitness center more than tripled in size.
Chef’s Thoughts: Tim Drown
Tim Drown Executive Chef, University Center Club Regional Executive Chef, ClubCorp Tallahassee, Fla. As Executive Chef of the University Center Club (Tallahassee, Fla.) and Regional Executive Chef for ClubCorp’s Business and Sports Club Division in the management firm’s Southeast Region, Tim Drown is experienced in identifying challenges, resolving them effectively and leading teams to success.…
Baylor Club Spotlighted for Rapid Growth
The Waco, Texas property opened in 2014 inside the new $266 million McLane Stadium at Baylor University. Owner/operator ClubCorp predicted the club would have 1,749 members by the end of year two, but it now has 1,932 members, 128 of whom have joined since the beginning of 2016.
ClubCorp Acquires Santa Rosa (Calif.) G&CC
The previously member-owned private club will undergo a multimillion-dollar capital project to bring improvements to the clubhouse, golf course, practice facilities, and pool. The club features an 18-hole parkland golf course, Mediterranean-style clubhouse, and tennis, swimming, and fitness facilities.
ClubCorp Reports Full-Year Revenue of $1.1B
The private club owner/operator reported that its full-year revenue is up 19.1% over last year, with adjusted EBITDA at $233.7 million, up 19%. The company’s Board of Directors has also authorized it to repurchase up to $50 million of its common stock by December 31, 2017.
McConnell Golf Acquires Providence CC
The purchase of the 27-year-old private club in Charlotte, N.C. brings the Raleigh, N.C.-based ownership company’s total portfolio to 12 properties in the Carolinas and Tennessee. McConnell says it plans $4 million in improvements at Providence, including new fitness and activity areas and upgrades to the clubhouse and golf course.
Top-Flight Foursome
The 2015 winners for the Excellence in Club Management Awards co-sponsored by McMahon Group and Club & Resort Business.
ClubCorp Acquires Marsh Creek CC
The private St. Augustine, Fla., property features an 18-hole golf course, a clubhouse with upscale and casual dining, tennis center, fitness and aerobics rooms, and private event space. ClubCorp is planning a capital project to upgrade the facility and add new amenities.
ClubCorp Expects Record Full-Year and Fourth-Quarter Results
The management firm announced preliminary and unaudited fiscal-year 2015 financial results that showed total revenue up 19.1% from 2014. Despite a 100-year rain event in Texas during 2015 and the current volatility in the oil market, same-store combined clubs revenue in that state, where ClubCorp has 42 properties, was up 2% from 2014 with accelerated growth in the fourth quarter, and President/CEO Eric Affeldt expressed “confidence in the resiliency of our business.”