Is Quail Hollow Resort Closed?

After Dallas-based ClubCorp sold the golf facility for $9 million, Quail Hollow Country Club in Concord Township, Ohio has a new owner but will continue to be run by the same management, according to Crain’s Cleveland Business.

According to online Lake County real estate documents, Sculptor Capital Management concluded the transaction on August 20 using the name Quail Hollow Owner LLC. They are now the owners of the two golf courses, clubhouse, and related buildings, Crain’s said.

ClubCorp spokeswoman Meg Tollison stated in an email that the acquisition will not have an effect on the regular operations of the clubs, their staff, members, or their benefits. According to Crain’s, the firm is still the owner and operator of Firestone Country Club in Akron. Although ClubCorp declined to explain why it decided to sell the Concord Township property, its website reveals that it has recently completed transactions with a similar structure.

Recently, ClubCorp and Sculptor were connected at the Devils Ridge Golf Club in Holly Springs, North Carolina, and the Brookfield Country Club in Roswell, Georgia, according to C+RB.

According to Crain’s, businesses choose sale/leaseback agreements since they free up funds from the real estate for other purposes while allowing them to operate an operation, such a fast food or other restaurant.

The country club, pool, and fitness center were all included in the transfer, according to county land records, Crain’s reported. For property tax reasons, the county determines a market value of $9.6 million for it.

According to Crain’s, Sculptor, which until September 2019 was known as Och-Ziff Capital Management Group, purchases and manages real estate using capital obtained from institutional investors like family offices, pension funds, and sovereign funds. Golf courses are one of the company’s $30 billion worth of other commercial real estate investments.

According to Crain’s, ClubCorp built the clubhouse for the golf course in 2006. The adjacent Quail Hollow Resort and the course are distinct property owners.