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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Turfunderground Tours The Andechs Monastery And Brewery In Munich, Germany

Eric von Hofen and Andechs, Munich, Germany
If you are heading to Munich to enjoy the best beer in the world, you better make a trip to Andechs. This place is wonderful and worth the 30 minute trip from downtown Munich. They have been producing the same beer since 1455. It is a one of a kind beer that has a great finish. There is plenty to do at the monastery. We can tour the church, enjoy some great German food at three different restaurants, buy gifts and inspect brewery where the magic happens.
Eric von Hofen
I have been to Andechs three times and every time I’m there I can’t believe the thousands of people that visit every day. I would leave Munich around 9 AM and plan on making the day of your trip. Go hungry and plan on eating lunch there. It will take you just under 30 minutes to get there. Enjoy the views of the water and mountains as you make your way up the hill to the monastery. When you get there you will park in the lower level and walk about 7 minutes up the hill. There are walking maps posted to keep you going in the right direction. You will know when you get to the top. Check out this HD video that takes you to the Andechs Monastery and brewery. Andechs is a beer drinkers paradise.

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Who really owns your golf course?

This is a question that you might not want to ask. Just like asking you who really owns your house? 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. Meanwhile the poor management companies that are hired by the investment firms to manage the golf courses and resorts are out in the cold. They have no money for capital and have cut deep into the operations budget effecting service and course conditions.
If you think your course is not what it use to be it probably is not because of this. Hit it straight.

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