One year after acquiring PGA West, Century Golf Partners and Hankuk Industry partnership have partnered again to acquire Las Posas Country Club, in Camarillo, California.
HKI is an affiliate of Hankuk Industry owned by Shin Il Yoo, who has been acquiring golf courses for the past 18 years. The family has ownership in 25 golf courses in the U.S. and Japan, along with being a distributor of Baroness turf maintenance equipment and Yamaha golf carts in South Korea.
The equity membership, represented by Troutman Pepper’s Michael Whitton, agreed to sell after Century Golf guaranteed to make capital improvements to the club facility and private 18-hole golf course, and to recognize membership dues credits and other benefits. The sale included a long-term commitment to remain an operating golf course and country club.
“For over a year, our Board investigated numerous options and evaluated many potential companies to partner with,” said Denis Barry, President of the Club’s Board of Directors. “Our goal was to preserve the perpetuity of our cultural uniqueness and assure the long-term success of our Club.”
Existing golf members will receive an annual dues credit for the next several years and there will be no member assessments.
Founded in 1958, Las Posas is one of Ventura County’s premier golf, tennis, fine dining, and special event destinations. The 18-hole golf course was designed by Lawrence Hughes, and renovated in 2008 and 2010 by Cary Bickler.
Century Golf Partners will manage Las Posas Country Club under its Arnold Palmer Golf Management brand.
“We are looking forward to working with the Club’s members and management team to preserve the Club’s culture and rich history,” stated Doug Howe, a Partner of Century Golf. “We have great respect for decades of Club traditions and fun events the members enjoy. We appreciate the members’ support and the many friends they are already inviting to join the Club.”
Jeff Woolson and Morgan Abbott of CBRE Golf & Resort Group brokered the deal.