Quail Hollow Country Club in Concord, Ohio was part of ClubCorp’s $64 million deal with Sculptor Capital Management last month.
ClubCorp sold an undisclosed number of clubs to the New York hedge fund on sales-leaseback agreements for 20 years, meaning that ClubCorp will continue to operate the clubs and the clubs will remain in their network.
The two other known courses in the transaction were Brookfield Country Club in Roswell, Ga. and Devils Ridge Golf Club in Holly Springs, N.C.
ClubCorp, which is owned by Apollo Global Management, is the world’s largest owner of private country clubs. The company has not released details on the transaction. The three sales were reported by local news media based on property transaction reports.
Two golf courses in Concord, Ohio have a new owner. Quail Hollow Country Club has two courses and was valued at $9 million in the deal.
Companies typically use leasebacks when they need to utilize the cash invested in an asset for other purposes, but they still need the asset to operate their business. With a leaseback, a company gets access to capital without increasing its debt load.
Quail Hallow Country Club has 700 acres of wooded countryside in Concord, Ohio, that includes two championship 18-hole golf courses.