Some Top Golf Resorts Set To Change Hands By The End Of The Month

Eric von Hofen and LaQuinta Hotel
In todays complex financial markets where debt is packaged and sold down to the street, sometimes two or three times, you might not know who owns your golf course or home. The housing market is still lagging the economy, but shows small signs of working thru the inventory. During this process of people foreclosing or trying to do a short sale, are finding out that their mortgage companies don’t know if they are allowed to go forward with the process because they don’t own the debt. Five years ago when times were good and everyone was buying anything and everything thinking that it was going higher, big investment firms like Morgan Stanley, Goldman Sachs, Dubai World and CNL did the same.

They bought buildings, hotels, resorts and golf courses. Some of these deals were huge and cost billions of dollars. Now just like many of us with our houses under water the investment firms are upside down on these deals. These firms are shopping the debt hard and are at a cross roads on their investments. Many have to sell the debt on the paper and are looking for more funding to keep these golf course and resorts open. My sources tell me that we will see some big name places change hands or even close up shop if they can not find a partner. South Florida Business Journal reports that the Doral Golf Resort and Spa – home of golf’s famed Blue Monster – is among eight hotels set to change hands at a Jan. 28 auction. Dax Scharfstein, managing director and general counsel of New York-based Carlton Advisory Services, told South Florida Business Journal that his company was hired by CNL AB LLC to find qualified bidders for the $200 million mezzanine loan on the corporate debt of the hotel company that owns the Doral property and seven others.
The other hotels to be included in the auction are:
Grand Wailea Resort Hotel & Spa in Maui, Hawaii
La Quinta Resort & Club and PGA West in La Quinta, Calif.
Arizona Biltmore Resort & Spa in Phoenix
Ritz-Carlton, Orlando
JW Marriott Orlando at the Grande Lake Resorts
JW Marriott Desert Ridge Resort & Spa in Phoenix
Claremont Resort & Spa in Berkeley, Calif.
Let’s see which lucky company gets to pick up these properties for song and dance.

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