Marriott Vacations Worldwide Corporation has parted with Grande Pines Golf Club, a 28-year-old, 170-acre property in Orlando, Florida.
MVW, a time-share operator, reportedly accepted $24 million for Grande Pines, whose original Joe Lee-designed course was later redesigned by Nick Faldo and Steve Smyers.
“It was something where we thought we’d get a better return if we sold it,” one of MVW’s vice presidents told the Orlando Sentinel.
MVW, a publicly traded company that was once affiliated with Marriott Corporation, has owned Grande Pines since 1997. The new owner, an LLC led by Angelo Gordon & Company and Ridgewood Real Estate Partners, is expected to replace the golf course with houses and stores, but not for a year or more.
