Clubcorp acquires Norbeck Country Club, third purchase of 2017
World leader in private clubs, ClubCorp, is having a busy year: just three months into 2017, and the company has already made as many acquisitions! It’s third acquisition, announced in March, is Norbeck Country Club. The club sits on 198 scenic acres with an 18-hole golf course, which, it claims, is “one of the most beautiful and challenging courses in the Washington, D.C. metroplex.” It also has a comprehensive tennis program, casual and upscale dining options, an Olympic-size pool, a wading pool, and more.
ClubCorp’s share price is up by 12% so far this year
SOURCE: Yahoo Finance
Mark Burnett, ClubCorp’s chief operating officer and president, made the following comment on the acquisition:
“Norbeck Country Club is an exceptional, family oriented full-service club – a profile that fits nicely into our portfolio of clubs in the D.C./Maryland/Virginia area. We are very excited to now offer our members two outstanding clubs in the Maryland market.”
ClubCorp will now commit to a multi-million dollar renovation of the club to add to its already impressive collection of amenities. Norbeck’s existing membership will also get to participate in ClubCorp’s O.N.E. (Optimal Network Experiences) program, giving them access to valuable benefits such as 50% of a la carte dining at the members Home Club. They also get additional benefits across all of ClubCorp’s vast network (over 300 clubs, and more than 1,000 “hotels, resorts, and entertainment venues” that are associated with them).
Nick Bobruska, president of Norbeck Country Club’s board of governors, made the following comment:
“From the beginning of this process, ClubCorp went above and beyond to meet the needs of the club and the members, who couldn’t be happier to now have ClubCorp onboard. With spring just around the corner, we all look forward to taking advantage of our new benefits and the many positive changes to come.”
Dominion holds ClubCorp in its Global Trends Luxury Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.