DAYTONA BEACH, Fla. — A deal has been reached to sell the two golf courses at LPGA International, home of the women’s pro golf organization, for $3.6 million to C-Bons International Group, Inc.
And the would-be buyers want their own stop on the LPGA Tour.
The sale must be approved by the Daytona Beach City Commission when it meets Wednesday night.
The News-Journal reports that the proposed sales price is 2.4 times as much as the $1.5 million current owner Consolidated-Tomoka paid the city in 2017.
The would-be new owner, C-Bons International Group, Inc., is an American-based golf course management subsidy of a Chinese corporation. CBIGG pledges to bring the properties up to their “full potential” and vows to keep the two 18-hole courses – The Hills Course and The Jones Course – in “tournament-ready condition.” Finally, the deal guarantees LPGA up to 30 days each year of free use of both courses as well as practice facilities.
CBIGG is based in Gilbert, Ariz., and was “formed to acquire golf and related hospitality properties,” according to its website. It owns 27 golf properties in nine states and has a second office at Sweetwater Country Club in Sugar Land, Texas.
The would-be buyers hope to work out a licensing agreement with the LPGA for an annual Tour stop at LPGA International featuring either 20 of the top 40 or five of the top 10 professional women golfers in the world.
LPGA International has been the home site of the LPGA Tour since 1994. The developmental Symetra Tour Championship is currently held there each year in October.
“If you’re the home of the LPGA and you’ve even got a road (LPGA Boulevard) named after the LPGA, why wouldn’t you want to nurture that relationship?” Dale Folmar, vice president of operations for CBIGG, told the News-Journal.