Fore Golf signs lease for Valencia Country Club

 

Fore Golf Partners, which acquired Feather Sound Country Club in Clearwater, Fla. in August, recently entered into a lease and management agreement with CNL Lifestyle Properties for Valencia Country Club in Valencia, Calif.

“We are right where we thought we would be,” said Tom Bennison, a partner with Fore. “ We planned to close three to four deals in our first 12 months. So we are on target.”

He said Valencia Country Club is an outstanding club in a great market.

“We are extremely proud to be associated with one of Southern California’s finest private clubs and we look forward to building upon the club’s great reputation and traditions,” he said. “During the next 12 months we will implement a $1 million capital improvement project that will include upgrades to the golf course and clubhouse. We think members will appreciate the enhancements we’re planning for the club.”

Bennison said he is leveraging his personal relationships to quietly acquire private clubs from owners who don’t want to go to market because they don’t want members to be nervous about a change in ownership.

He said it is a competitive environment for buyers looking for deals. He said Fore Golf decided not to limit itself geographically, but to seek out courses that meet its financial thresholds.

 “A lot of courses open at a price and then are closing at a considerable discount,” he said. “It is further confirmation that the bid-ask gap is narrowing and owners are becoming more realistic on what they have. When courses sell at one times revenue, it is hard to value them at two times revenue.”

 

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