Eagle adds 77th course, hopes to start buying soon

Eagle Golf has added its 77th golf course, Bluebonnet Country Golf Course in Navasota, Texas under a management contract. But the Dallas-based operator hopes that future growth will come primarily through acquisitions.
 
“Whether it’s a good management deal, lease or acquisition, we’ll take it,” said Eric Logan, chief financial officer for Eagle [pictured]. “If we believe we can turn [the golf course] around, we will take it. We try to be very disciplined about that.”
 
Eagle currently has 58 courses in triple net leases, 43 of which are owned by CNL. It manages 16.5 courses and owns 3.5 others. But that could change soon if the company is successful in setting up a fund to acquire distressed properties. One facility is a business club/convention center. 
 
“We would love to own 30 to 40 courses in ten years from now,” Logan said. “With course values 50 to 70 percent lower than they were in 2007, that is a possibility.”
 
Eagle is owned and run by Joe Munsch, who acquired the company in 2008. Since he took over the company’s portfolio has been relatively stable, despite what this magazine reported in the Summer 2011 issue.
 
“We have lost a few management contracts but have gained more than we lost,” Logan said. “The CNL courses are stable and long term.”
 
Logan said the 43 CNL courses are under 20-year leases that were signed in 2009. The company also has leases for courses in Denver and Chicago with other owners.
 
Logan said Eagle is working with a bank to find interested investors, but that it is still early in the process. He said the idea is to buy undervalued courses in cluster markets. Eagle is focusing on Phoenix, Houston, San Antonio and other markets in the southern United States where weather is not a factor.
 
Eagle has two business development people on staff and is bullish about the golf market, Logan said. 

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