White Hawk in Indiana up for sale for $8.2M

(Golf Business & Real Estate) — White Hawk Golf and Country Club in Crown Point, Ind., is for sale for $8.2 million. The semi-private course, owned by Paul Sweitzer, has been performing well.

Chris Karamitsos of National Golf and Resort Properties Group reports that the club operates at $737,000 NOI out of $2.8 million gross. Still, the lenders are trying to reduce loan balances to conform with new government regulations, so the owners have decided to put the club on the market, and concentrate on F&B, which is the current core competency. T

he course reports an increase of membership from 280 members 18 months ago, to close to 400 members. Ownership has aggressively marketed the course and country club by implementing programs targeting various community activities and strategic pricing.

One of the activities includes Party Buses, a program that brings participants to the facility and provides box lunches. Themed Tent Events attract as many as 400 to 500 people. White Hawk is a 36-hole championship golf course located in northwestern Indiana.

Sweitzer has an F&B background, so it’s no surprise that the catering business of the course has improved so much that plans are underway to convert the bottom floor of the clubhouse into a banquet room with capacity for 300.

Comments

In today's economy, there's no chance this thing will sell for anything close to $8M. That net income is too high for the gross. It's a waste of time...

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