Heritage Golf Group has taken over full management of four courses, after acting as Chief Restructuring Officer for the lender for the past few months.
Hillcrest Bank took possession of The Country Club of Whispering Pines and Foxfire Golf and Country Club, in Pinehurst, North Carolina, through foreclosure in a bankruptcy proceeding. Both facilities have 36 holes.
“Under this new management agreement with Hillcrest Bank, we can provide unique personal attention to the operation through the skills of our senior staff,” said Andy Crosson, Executive Vice President of Heritage Golf Group.
Heritage has a seven-year relationship with Hillcrest, which was taken over by the FDIC in 2010. It manages all of the Kansas City, Mo. banks golf assets.
Heritage also manages two courses for Textron Financial — Firethorne Country Club in Marvin, North Carolina and Legacy Golf Club at Lakewood Ranch in Bradenton, Fla.
Heritage is primarily a golf course owner, with 14 owned-courses. But Bob Husband, CEO of Heritage, said his company started seeking short-term management contracts with lenders when financing dried up. It now has five managed-facilities with a total of seven 18-hole equivalent courses. It has 25.5 18-hole equivalent courses overall.