The Newport Beach, Calif.-based company acquired the historic Mitchellville, Md., club in an all-cash transaction. The private club, founded in 1923, is the nearest to Capitol Hill and has hosted the National Capital Open, the Women’s US Open and the Maryland State Open.
Bloomberg News spotlights bargain-seeking buyers attracted by a glut of available properties and the drop in the median price for a stand-alone 18-hole course, from $4.5 million in 2006 to $3 million last year. “Golf courses may never be as cheap as they are today,” said one source. But cash is king, because the lending pool is still a dry bed.
Troon Golf’s Dana Garmany was named no. 1 replacing Eric Affeldt, CEO of ClubCorp.
Management companies have gained renewed influence in the club market.
An affiliate of Concert Golf Partners has purchased the Orlando-area club, which was foreclosed on in March, and plans $1 million in upgrades.
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