Through the all-stock deal with the private-equity firm, which is expected to close in the fourth quarter of this year, shareholders will receive $17.12 per share in cash, a premium of about 30.7% over the management firm’s closing stock price on July 7. “With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success,” said Chairman John Beckert.
ClubCorp Partners with Topgolf, Acquires Medina (Minn.) G&CC
The strategic alliance will result in Topgolf providing new technology and benefits for ClubCorp members, and ClubCorp providing special offers and experiences at its properties. At Medina Golf & Country Club, ClubCorp plans to spend more than $2.5 million in two years to update the clubhouse, patio, golf course, practice facilities, and aquatics. Topgolf® is…
ClubCorp Announces Continued Growth, Oakhurst G&CC Acquisition, and Eric Affeldt’s Pending Retirement
The management firm reported its twelth consecutive quarter of growth while saying it would not pursue being acquired for the time being, noting that it had not received a purchase proposal for the entire company. The acquisition of Oakhurst G&CC in Clarkston, Mich., is ClubCorp’s fourth this year. Eric Affeldt will retire as Chief Executive Officer upon appointment of a successor.
ClubCorp Develops The Collective in Seattle
ClubCorp and Alexandria Real Estate Equities have announced plans for the facility, which is slated to open in March 2018. The 15,000-sq. ft. space will feature 22-foot ceilings, a bar, collaborative workspaces and multimedia area, an urban spa, a boutique bouldering gym, bicycle storage, and locker room area.
ClubCorp Reports Sixth Consecutive Year of Record Revenue
For 2016, ClubCorp’s revenue increased $35.6 million to $1.1 billion, up 3.4%. Same-store clubs revenue increased $18.8 million to $1 billion, up 1.9%, driven by increases in dues (up 3.1%) and food-and-beverage (up 2.4%), while new clubs opened or acquired in 2015 and 2016 contributed $51.3 million in revenue.
ClubCorp Charity Classic Sets Fundraising Record
In 2016, the company’s major philanthropic effort raised $3,053,312 that will benefit over 100 national and charitable organizations, including Augie’s Quest and the ClubCorp Employee Partners Care Foundation. The Charity Classic has raised more than $20.3 million since its inception in 2007.
ClubCorp Reports Tenth Consecutive Quarter of Growth
The Dallas-based owner and operator of private clubs has seen revenue increase $4 million or 1.6% in the third quarter over the previous year, and net income has remained flat. Going forward, the company plans to reduce capital spending, including fewer planned same-store reinventions in 2017, and using excess cash to pay down debt.
Eric Affeldt, ClubCorp CEO, to Be Inducted into Hospitality Hall of Honor
The recognition in October by the University of Houston’s Conrad N. Hilton College of Hotel and Restaurant Management will culminate a series of student-run events that will include Affeldt’s participation in “Think Tank” sessions along with other hospitality industry leaders.
ClubCorp Shareholder Encourages Company to Sell
FrontFour Capital, which owns around 3.4% of ClubCorp’s outstanding shares, criticized the company’s stock performance, which is down nearly 36% over the past 12 months, and urged the company to sell a select number of non-core, lower-returning clubs to help pay down debt. ClubCorp said it appreciated the shareholder feedback, but is confident in its business strategy.
ClubCorp Sponsors Austin Connelly on PGA Tour
The 19-year-old who is now in his first year as a professional learned the game as a junior golfer at Hackberry Creek CC in Irving, Texas, a ClubCorp property. The player sponsorship is the first for the management firm.
ClubCorp’s Year-to-Date Revenue Up 3.9%
The company’s second-quarter revenue was $269 million, an increase of $5.2 million over last year, and year-to-date revenue has increased by $18 million to $483.8 million. ClubCorp also announced the promotion of Mark Burnett to President and Chief Operating Officer.
ClubCorp to Manage China Center’s New York Club
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.
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.
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.
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.