Colorado Golf Club acquired by members
Colorado Golf Club, which is slated to host the 2013 Solheim Cup, has been acquired by its membership.
One of several private facilities attached to real estate developments that opened before the recession, Colorado Golf Club struggled to sell its home sites, according to a report in the Denver Business Journal.
Members purchased the golf course from the club’s founding partnership, which included Mike McGetrick, David Hutchinson and Dwight Bainbridge.
According to DBJ, the sale also involved Arendale Holdings of New York, which reportedly purchased 76 home sites. The club issued a statement saying it “will operate independently of the adjacent real estate and residential community.”
Describing the transaction, the club stated it “followed several months of concentrated negotiations and extensive cooperation between the membership and other parties, including a new real estate investor, lenders and various creditors and the original developers.”
The golf course, designed by Bill Coore and Ben Crenshaw, also hosted last year’s Senior PGA Championship.