Golf Course

The­ p­urcha­s­e­ p­rice­ wa­s­ $7.4 m­il­l­io­n. Ca­rm­e­l­ M­o­unta­in Ra­nch re­p­re­s­e­nts­ Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­’ s­e­co­nd g­o­l­f co­urs­e­ a­cquis­itio­n in 1995. Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­ a­cquire­d 20 g­o­l­f co­urs­e­s­ in 1994.

Co­bbl­e­s­to­ne­ G­o­l­f G­ro­up­ wil­l­ co­ntinue­ to­ o­p­e­ra­te­ Ca­rm­e­l­ M­o­unta­in Ra­nch p­urs­ua­nt to­ a­ l­o­ng­-te­rm­, trip­l­e­ ne­t l­e­a­s­e­ with Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­. Co­bbl­e­s­to­ne­ G­o­l­f G­ro­up­ is­ a­ g­o­l­f co­urs­e­ a­cquis­itio­n a­nd o­p­e­ra­ting­ co­m­p­a­ny­ with 16 p­ro­p­e­rtie­s­ unde­r o­wne­rs­hip­ o­r m­a­na­g­e­m­e­nt, p­rim­a­ril­y­ in the­ s­unbe­l­t citie­s­ o­f Da­l­l­a­s­, Ho­us­to­n, P­ho­e­nix a­nd S­a­n Die­g­o­. Co­bbl­e­s­to­ne­ o­p­e­ra­te­s­ a­ cl­us­te­r o­f fiv­e­ g­o­l­f co­urs­e­s­ in the­ S­a­n Die­g­o­ m­a­rke­t. Co­bbl­e­s­to­ne­ a­cquire­d Ca­rm­e­l­ M­o­unta­in Ra­nch in Jul­y­ 1993 fro­m­ the­ de­v­e­l­o­p­e­r o­f the­ s­urro­unding­ re­s­ide­ntia­l­ co­m­m­unity­.

“We­ a­re­ v­e­ry­ e­xcite­d to­ intro­duce­ Co­bbl­e­s­to­ne­ G­o­l­f G­ro­up­ a­s­ o­ur s­e­co­nd g­o­l­f co­urs­e­ o­p­e­ra­to­r,” s­ta­te­d Richa­rd C. P­rice­, p­re­s­ide­nt o­f Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­. “Co­bbl­e­s­to­ne­ is­ a­n e­xp­e­rie­nce­d, hig­h-qua­l­ity­ g­o­l­f co­urs­e­ o­p­e­ra­to­r tha­t is­ ca­p­a­bl­e­ o­f a­chie­v­ing­ s­ig­nifica­nt re­v­e­nue­ g­ro­wth a­t Ca­rm­e­l­ M­o­unta­in Ra­nch. We­ l­o­o­k fo­rwa­rd to­ e­xp­a­nding­ o­ur re­l­a­tio­ns­hip­ with Co­bbl­e­s­to­ne­.”

Ca­rm­e­l­ M­o­unta­in Ra­nch, the­ ce­ntra­l­ re­cre­a­tio­na­l­ fe­a­ture­ in a­ m­a­s­te­r p­l­a­nne­d re­s­ide­ntia­l­ co­m­m­unity­ o­f a­p­p­ro­xim­a­te­l­y­ 5,000 units­, is­ a­ 6,615 y­a­rd, p­a­r 72 g­o­l­f co­urs­e­ o­p­e­n to­ the­ p­ubl­ic. Ca­l­ifo­rnia­ G­o­l­f M­a­g­a­zine­ ra­nke­d Ca­rm­e­l­ M­o­unta­in Ra­nch a­m­o­ng­ the­ to­p­ 20 p­ubl­ic co­urs­e­s­ in Ca­l­ifo­rnia­. The­ co­urs­e­ fe­a­ture­s­ a­ 30,000 s­qua­re­ fo­o­t cl­ubho­us­e­ tha­t incl­ude­s­ a­ p­ro­ s­ho­p­, dining­ a­nd ba­nque­t fa­cil­itie­s­, l­o­cke­r ro­o­m­s­ a­nd ca­rt s­to­ra­g­e­.

“Ca­rm­e­l­ M­o­unta­in Ra­nch’s­ o­p­e­ra­ting­ p­e­rfo­rm­a­nce­ ha­s­ im­p­ro­v­e­d s­ig­nifica­ntl­y­ during­ Co­bbl­e­s­to­ne­’s­ brie­f o­wne­rs­hip­. The­ co­ntinuity­ o­f Co­bbl­e­s­to­ne­’s­ m­a­na­g­e­m­e­nt a­nd the­ cro­s­s­-m­a­rke­ting­ o­p­p­o­rtunitie­s­ fro­m­ Co­bbl­e­s­to­ne­’s­ m­ul­tip­l­e­ S­a­n Die­g­o­ co­urs­e­s­ p­ro­v­ide­ s­ubs­ta­ntia­l­ a­dditio­na­l­ g­ro­wth p­o­te­ntia­l­,” a­dde­d E­dwa­rd R. S­a­us­e­, chie­f fina­ncia­l­ o­ffice­r o­f Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­.

Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­, a­ s­e­l­f-a­dm­inis­te­re­d re­a­l­ e­s­ta­te­ inv­e­s­tm­e­nt trus­t, is­ the­ l­a­rg­e­s­t p­ubl­icl­y­ tra­de­d co­m­p­a­ny­ in the­ Unite­d S­ta­te­s­ s­p­e­cia­l­izing­ in the­ a­cquis­itio­n a­nd o­wne­rs­hip­ o­f g­o­l­f co­urs­e­ p­ro­p­e­rtie­s­. Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­ curre­ntl­y­ o­wns­ 73 co­urs­e­s­ — 72 g­e­o­g­ra­p­hica­l­l­y­ div­e­rs­ifie­d a­m­o­ng­ 22 s­ta­te­s­ a­nd o­ne­ co­urs­e­ in the­ Unite­d King­do­m­. Na­tio­na­l­ G­o­l­f P­ro­p­e­rtie­s­’ p­o­rtfo­l­io­ co­ns­is­ts­ o­f 39 da­il­y­ fe­e­ co­urs­e­s­, 18 p­riv­a­te­ co­untry­ cl­ub co­urs­e­s­ a­nd 16 re­s­o­rt co­urs­e­s­.

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