In case you missed it, Apollo Global Management has agreed to purchase ClubCorp – which owns more than 200 golf and country clubs, including Woodside Plantation Country Club – for $1.1 billion. Read on for what this will mean for current and future Woodside residents:
How will this transaction affect real estate at Woodside?
This will have no impact on real estate in Woodside, and does not reflect a purchase of Woodside itself. This purchase is of ClubCorp, the corporate entity that owns and manages semi-private clubs, including Woodside Plantation Country Club.
Will this purchase affect members of The Reserve Club at Woodside?
No. The Reserve Club at Woodside is a private and independently owned club. Because it is not owned by ClubCorp, The Reserve Club will not be affected by this transaction.
How will this buyout affect current ClubCorp members?
Because the purchase was announced this weekend, very little information regarding a transition plan has been released; however, ClubCorp Chairman John Beckert shared the news with excitement about the change. “With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success by providing its members with unrivaled experiences at its clubs. This transaction represents the culmination of our review of strategic alternatives and achieves our goal of enhancing value for shareholders.” Shareholders appear to agree! At the market closing last night July 10, shares had increased by 31%.
Stay tuned for updates as they become available!