ClubCorp acquires TPC courses in Michigan, N.C.
Thursday, May 8, 2014
ClubCorp has announced the acquisition of two Tournament Players Club facilities: TPC Michigan in Dearborn, Mich., and TPC Piper Glen in Charlotte, N.C.
The purchases are the eighth and ninth additions to the expanding ClubCorp portfolio in the past year. ClubCorp also acquires its first TPC properties.
“We are thrilled with the acquisitions we have made during the first four months of this year,” said Eric Affeldt, president and chief executive officer of Dallas-based ClubCorp. “We’re very excited to add TPC Piper Glen and TPC Michigan and their members to our premier network of golf and country clubs.”
David Pillsbury, president of PGA Tour Golf Course Properties, added, “ClubCorp has represented the highest quality in the golf and club industry for 50 years, and we are delighted to work with them and add value to each of our club networks.”
TPC Piper Glen and TPC Michigan were developed as PGA Tour properties and sold in 2007 along with TPC Eagle Trace in Coral Springs, Fla., as part of a package to California-based Heritage Golf Group. Under the terms of the sales agreement, the three properties retained their TPC designations.
“The sale couldn’t have come at a worse time for Heritage,” said David Schlaff, first vice president at Morgan Stanley, who was the first member and resident at TPC Michigan. “When a club has to rely primarily on corporate membership dollars, it’s great during the good times and a struggle to survive in rough economic times.”
After an unsuccessful attempt to restructure financing with primary lender GE Capital in 2011, the Piper Glen and Michigan properties defaulted, and a court-appointed receiver was put in place to oversee operations and facilitate a sale.
TPC Michigan, a 1990 Jack Nicklaus-designed course, hosted the Champions Tour's Senior Players Championship from 1991 to 2006. TPC Piper Glen, a 1988 Arnold Palmer design, also was a former Champions Tour site, having hosted the Home Depot Invitational from 1990 to 2001.
With the purchase of the two facilities by ClubCorp, its portfolio of owned or operated clubs increases to 160 clubs in 25 states, the District of Columbia, Mexico and China.
ClubCorp said it plans immediately to invest $1 million in capital improvements at each TPC property.