A lot of golf ownership companies these days talk a good game (pardon the pun) in regards to investing and reinvesting in their properties, but follow through with more style than substance.
.Concert Golf Partners, however, is into more substance than style. The Lake Mary, Fl., based company’s mission is simple: Preserve private clubs by investing capital to enhance amenities, service levels and the overall member experience. Co-founded in 2011 by CEO Peter Nanula, former CEO of Arnold Palmer Management, and COO Susan Dunnavant, also a former executive for Arnold Palmer Management, Concert Golf Partners claims more than $250 million in assets from golf courses and private clubs it owns around the country. The company invests its own capital to fund projects, build new amenities, pay off all club debt and ensure member assessments through a recapitalization program that Concert pioneered.
“I’ve never worked for a company that is as passionate about budgeting for growth and budgeting for amenities,’’ said Aaron Straub, Concert Golf’s senior vice president of operations. “ Every year, each one of our clubs – large and small – tends to get something. Oftentimes it’s large. We put millions and millions of dollars in our properties to keep them vibrant and focused on the future.
“Member-owned clubs often find themselves in difficult situations because of economic or demographic pressures – or just through mis-management. We are pretty good being able to solve those problems, recapitalize to remove liability and debt, and provide the country club member experience. We want to see clubs grow and develop.’’
Cases in point: Concert Golf Partners has invested more than a combined $4 million of strategic capital into Indian Spring Country Club in Boynton Beach, FL., and its sister club, Fountains Country Club, in nearby Lake Worth Beach.
Indian Spring CC
In particular, the 2018 acquisition of Fountains – one year following the acquisition of Indian Spring – shows what CGP is all about. Basically, the club had suffered for years from a series of lawsuits brought on by HOA’s primarily over its policy of mandatory membership by homeowners. Almost unviable economically, the Fountains appeared headed for bankruptcy until Concert Golf Partners created a solution that included paying off a $10 million bank loan and eliminating mandatory club membership requirements that were depressing home prices.
In the past seven months, Straub said Concert Golf has driven $640,000 of innovative upgrades to the Fountains and Indian Spring to further make them among the top private clubs in an area loaded with high-end private clubs.
The Fountains, founded in 1972, features 36 holes of golf designed by Robert von Hagge and Bruce Devliin. Indian Spring, founded in 1975, also features two von Hagge/Devlin courses that were renovated by Kip Schulties.
“Golf is really booming in Palm Beach County, so to have two clubs like Fountains and Indian Spring is exciting,’’ Straub said,
Beyond Palm Beach County, Concert Golf earlier this year acquired The Club at Pasadera in Monterey, CA., marking its first entry into the California market. In addition to a Jack Nicklaus-designed golf course, The Club at Pasadera features The Nicklaus Lodge at The Club at Pasadera, which offers members a complete five-bedroom lodge, perfect for executive retreats and family gatherings.
In the North Carolina sandhills, CGP recently completed a multi-million renovation of MacGregor Downs Country Club in Cary. CGP acquired MacGregor Downs, which features a Willard Byrd-designed course. Since it acquired MacGregor Downs in 2014, CGP has invested more $10.5 million of investment into the club since then, including an extensive bunker renovation completed in 2021, and major improvements to the pool area in 2022. Another significant upgrade to the pool area is expected this year.
Concert Golf Partners also recently completed an outstanding renovation to the clubhouse at the Golf Club at Amelia Island (FL.), which included extending the back patio for a great view of the 18th green.
“It’s about having a great outdoors space for everybody,’’ Straub said. “We’ve had the Golf Club at Amelia Island for 12 years. We’ve put in significant course work on it the past couple of years and really looking at investing more in the future.’’
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Feature Photo: The Fountains CC
Photos Courtesy of Concert Golf Partners