Why so many country clubs are undertaking massive capital-improvement projects | Courses
“Once you take a look at most nation golf equipment, they do have a number of facilities lately,” says Mike Orosco, basic supervisor of Santa Barbara’s Montecito Membership, which has all of these actions in addition to a Jack Nicklaus-designed golf course overlooking the Pacific Ocean. “However we’ve actually taken it to the nth diploma right here.”
The value tag: simply shy of $120 million, financed by Ty Warner, the Beanie Child entrepreneur who purchased the membership in 2004.
Excessive? Maybe. However the Montecito Membership, which expenses a $275,000 initiation payment, is much from alone in spending large cash on capital-improvement initiatives lately. All around the nation, golf equipment are shelling out unprecedented sums. In some markets it seems like an arms race, with golf equipment needing to spend extra or danger annihilation. Business insiders say Myers Park Nation Membership in Charlotte is spending $27 million on its clubhouse. They are saying Bel-Air Nation Membership in Los Angeles budgeted just below $50 million for a clubhouse makeover, and Houston Nation Membership is planning $100 million of structural enhancements. These golf equipment had no remark or didn’t return calls in search of a remark.