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Set of executive summary sheets for a three-property golf course portfolio in Houston, Texas. Financial information has been redacted.
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CAPITAL MARKETS | GOLF & RESORT PROPERTIES
REDSTONE GOLF PORTFOLIO AT A GLANCE
GOLF INDUSTRY ACCOLADES
The Redstone Companies enjoys a well-earned reputation as a quality real estate developer and operator of luxury
golf and resort properties in the greater Houston area. Redstone’s golf portfolio includes Shadow Hawk Golf Club, The
Houstonian Golf & Country Club, Redstone Golf Club and BlackHorse Golf Club. The Houstonian hosted the LPGA Tour
Championship in 2009 and Redstone has been the home of the PGA TOUR’s Shell Houston Open for the last 10 years.
Well-conceived and well-maintained, the Redstone golf portfolio generated more than $29.5 million in total revenue in
2012 and is budgeted for $30.8 million in 2013. These assets represent a once-in-a-lifetime opportunity to acquire some
of Houston’s best private and daily fee golf clubs.
10 Best New Private Clubs Golf Digest
Top 5 Private Courses Houston Chronicle
Environmental Leader Private Merit Award
Golf Digest
Top 10 You Can PlayGolf Magazine
Top 100 Golf ShopsGolf Business
Environmental Leader Private Merit Award
Golf Digest
Top 10 - America’s Best Courses for $100 or Less
Travel + Leisure Golf
#1 Daily Fee Course Houston Chronicle
50 Best Courses in TexasDallas Morning News
Ultimate Public Golf CourseHouston Chronicle
One of America’s Best New Courses
Golf Digest
100 Best Golf ShopsGolf Business World
Best Overall Public Course Avid Golfer Houston
© 2013, CBRE, Inc. and Redstone Group, Ltd. obtained this information from sources believed to be reliable, however we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Reproduction of this document and its contents is strictly prohibited without the expressed written consent of CBRE, Inc.
2010 2011 2012 2013
Total RevenueTotal Cost of Sales
Gross ProfitTotal Expenses
EBITDA
BudgetFINANCIAL SUMMARY
CAPITAL MARKETS | GOLF & RESORT PROPERTIES
HOUSTONINTERCONTINENTALAIRPORT
10 MILES
Jeff WoolsonManaging Director
Morgan AbbottSenior Underwriter
For information contact:
WILLIAM P. HOBBYAIRPORT
REDSTONEGOLF CLUB
BLACKHORSEGOLF CLUB
SHADOW HAWK GOLF CLUB THE HOUSTONIAN GOLF & COUNTRY CLUB
Shadow Hawk / The Houstonianwww.cbremarketplace.com
/shadowhawkhoustonian
Redstone Golf Clubwww.cbremarketplace.com/redstone
BlackHorse Golf Clubwww.cbremarketplace.com/blackhorse
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REDSTONE GOLF CLUB AT A GLANCE
CAPITAL MARKETS | GOLF & RESORT PROPERTIES
Redstone Golf Club is one of the most recognizable golf clubs in the greater Houston area. Home of the PGA TOUR’s Shell Houston Open for the last 10 years, Redstone is being offered with its two championship golf courses (one public and one private), attractive clubhouse and expansive practice facilities that include the Dave Williams Golf Academy. Redstone is home to The First Tee of Greater Houston and approximately 50 acres are utilized by the Houston Golf Association (through an agreement between the HGA, PGA TOUR and Redstone Golf Club) for parking during the Shell Houston Open. Also included in this offering are approximately 8.5 acres of land between the clubhouse and golf academy, considered a prime hotel and condominium development site.
Holes 36 (Member/Tournament)
Total Acreage Approximately 870 acres
Maintained Acreage Approximately 270 acres
Operation / Year Open Member Course: Private / 2002Tournament Course: Daily Fee / 2004
Golf Architects Member Course: Jim Hardy & Peter JacobsenTournament Course: Rees Jones & David Toms
Practice Facilities Dave Williams Golf Academy, TaylorMade Performance Lab,Golf Fitness Studio, double-sided range with short game areas
Owner / Operator Redstone Golf Club, LP / Redstone Golf Management
Clubhouse Approximately 33,000 SF (opened in 2002)
Membership Fees Refundable Charter: $35,000 + $500 monthly duesNon-Refundable Charter: $23,000 + $500 monthly dues
Private Club Members 512 dues-paying Golf Members (as of October 31, 2012)
2013 Daily Fee Rates $175 Peak Season (March-May) includes Forecaddie, Cart + Range Balls
2011 Annual Rounds Member Course: 23,267Tournament Course: 22,004
Primary Water Source Member Course: Reclaimed ($70,000 annual cost)Tournament Course: Groundwater
Maintenance Facility Approximately 20,000 SF building / 1.5-acre yard
Maintenance Equipment 80% Leased / 20% Owned
Cart Fleet 160 Club Car Precedent i2 Carts (2012)Leased through June 2016 at an annual cost of $166,312
Cart Storage 14,700 SF stand-alone building near clubhouse
Cart Paths Concrete cart paths run continuous on both courses
2010 2011 2012 2013
Total RevenueTotal Cost of Sales
Gross ProfitTotal Payroll Expenses
Total Operating ExpensesTotal Fixed Expenses
Total Expenses
EBITDA
Daily Fee RoundsTournament Rounds
Member RoundsMember Guest Rounds
Comp RoundsTotal Golf Rounds
BudgetForecast
REDSTONE GOLF CLUB5860 Wilson Road
Humble, Texas 77396
www.redstonegolfclub.com
FINANCIAL SUMMARY
CAPITAL MARKETS | GOLF & RESORT PROPERTIES
HOUSTONINTERCONTINENTALAIRPORT
10 MILES
Jeff WoolsonManaging Director
Morgan AbbottSenior Underwriter
© 2012, CBRE, Inc. and Redstone Group, Ltd. obtained this information from sources believed to be reliable, however we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Reproduction of this document and its contents is strictly prohibited without the expressed written consent of CBRE, Inc.
For information contact:
www.cbremarketplace.com/redstone
WILLIAM P. HOBBYAIRPORT
REDSTONEGOLF CLUB
Redacted
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SHADOW HAWK GOLF CLUB AT A GLANCEAND THE HOUSTONIAN GOLF & COUNTRY CLUB AT A GLANCE
CAPITAL MARKETS | GOLF & RESORT PROPERTIES
Shadow Hawk Golf Club is a premium private club that delivers the ultimate golf experience. Revered in the greater Houston golf market, Shadow Hawk occupies a former pecan grove with its upscale sister club, The Houstonian Golf & Country Club. Both clubs feature elegant clubhouses and outstanding, championship golf courses designed by renowned architect Rees Jones. The Houstonian also offers resort-style swimming pools and tennis courts, as well as complete fitness and spa facilities. These two private clubs share modern maintenance and expansive practice facilities.
Holes 36
Total Acreage Approximately 465 acres
Maintained Acreage Approximately 300 acres
Operation / Year Open Private / 1999 (both clubs)
Golf Architect Rees Jones (both courses)
Practice Facilities Double-sided range / golf academy / short game areas
Owner / Operator Houstonian Golf, Ltd. / Redstone Golf Management
Clubhouse Shadow Hawk: approximately 30,000 SFHoustonian: approximately 35,000 SF
2013 Membership Fees Shadow Hawk: $65,000 (non-refundable) + $800 monthly duesHoustonian: $26,000 (non-refundable) + $525 monthly dues
Membership Levels Shadow Hawk: 325 dues-paying Golf Members (December 2012)Houstonian: 620 dues-paying Golf & Fitness Members (December 2012)
2011 Annual Rounds Shadow Hawk: 16,935Houstonian: 22,930
Primary Water Source Groundwater ($65,000 estimated cost)
Maintenance Facility Approximately 20,000 SF building / 1.5-acre yard
Maintenance Equipment 75% Leased / 25% Owned
Cart Fleet Shadow Hawk: 60 Club Car Precedent i2 Carts (2011)Leased through October 2015 at an annual cost of $57,218
Houstonian: 80 Club Car Precedent i2 Carts (2011)Leased through October 2015 at an annual cost of $78,345
Cart Storage Shadow Hawk: approximately 6,200 SF stand-alone buildingHoustonian: approximately 6,500 SF stand-alone building
Cart Paths Concrete cart paths run continuous on both courses
© 2012, CBRE, Inc. and Redstone Group, Ltd. obtained this information from sources believed to be reliable, however we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Reproduction of this document and its contents is strictly prohibited without the expressed written consent of CBRE, Inc.
Financial Notes: 2012 Forecast includes actual amounts through November plus budgeted amounts for December. Management fees have been deducted from fixed expenses and totaled in 2010,
in 2011, (forecast) in 2012 and (budget) in 2013.
2010 2011 2012 2013
Total RevenueTotal Cost of Sales
Gross ProfitTotal Payroll Expenses
Total Operating ExpensesTotal Fixed Expenses
Total Expenses
EBITDA
Member RoundsMember Guest Rounds
Tournament RoundsComp Rounds
Total Golf Rounds
FINANCIAL SUMMARY
CAPITAL MARKETS | GOLF & RESORT PROPERTIES
HOUSTONINTERCONTINENTALAIRPORT
10 MILES
4100 Shadow Hawk Drive Richmond, Texas 77407
www.shadowhawkgolfclub.com
12610 FM 1464 Richmond, Texas 77407
www.houstoniangolf.com
Jeff WoolsonManaging Director
Morgan AbbottSenior Underwriter
For information contact:
www.cbremarketplace.com /shadowhawkhoustonian
WILLIAM P. HOBBYAIRPORT
SHADOW HAWK GOLF CLUB THE HOUSTONIAN GOLF & COUNTRY CLUB
BudgetForecast
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RedactedRedacte
dRedacted
Redacted
Redacted
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BLACKHORSE GOLF CLUB AT A GLANCE
CAPITAL MARKETS | GOLF & RESORT PROPERTIES
BlackHorse Golf Club is
arguably the best 36-hole,
public-access facility in the
greater Houston area. The
club features two highly-rated
golf courses designed by Jim
Hardy and Peter Jacobsen
that opened in 2001. The
courses are complemented by
an efficient clubhouse and a
permanent pavilion that is used
to host tournaments and other
special events. The BlackHorse
Teaching Center offers first
class indoor/outdoor practice
facilities utilizing the latest
technology. BlackHorse has
been consistently ranked as
Houston’s best daily fee facility,
as well as a top tournament
venue and teaching facility.
Holes 36 (North/South)
Total Acreage Approximately 385 acres
Maintained Acreage Approximately 225 acres
Operation / Year Open Daily Fee / 2001
Golf Architects Jim Hardy & Peter Jacobsen
Practice Facilities Double-sided (425 x 150 yards) with teaching centerand short game areas
Owner / Operator BlackHorse Golf Club, LP / Redstone Golf Management
Clubhouse Approximately 14,400 SF (including Tournament Pavilion)
2013 Membership Fees Family > $500 initiation fee + $420 monthly dues (includes cart)Individual > $250 initiation fee + $310 monthly dues (includes cart)
Annual Membership 375 annual golf members (October 2012)
2013 Daily Fee Rates $75 / $95 (includes cart)
2011 Annual Rounds 75,191
Primary Water Source Groundwater ($160,000 annual cost)
Maintenance Facility Approximately 18,480 SF building / 3-acre yard
Maintenance Equipment 75% Leased / 25% Owned
Cart Fleet 150 Club Car Precedent i2 Excel Carts (2010)Leased through August 2014 at an annual cost of $134,730
Cart Storage Approximately 8,160 SF stand-alone building
Cart Paths Concrete cart paths run continuous on both courses
2010 2011 2012 2013
Total RevenueTotal Cost of Sales
Gross ProfitTotal Payroll Expenses
Total Operating ExpensesTotal Fixed Expenses
Total Expenses
EBITDA
Daily Fee RoundsTournament Rounds
Member RoundsComp Rounds
Total Golf Rounds
FINANCIAL SUMMARY
CAPITAL MARKETS | GOLF & RESORT PROPERTIES
HOUSTONINTERCONTINENTALAIRPORT
WILLIAM P. HOBBYAIRPORT
10 MILES
12205 Fry Road Cypress, Texas 77433
www.blackhorsegolfclub.com
© 2012, CBRE, Inc. and Redstone Group, Ltd. obtained this information from sources believed to be reliable, however we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Reproduction of this document and its contents is strictly prohibited without the expressed written consent of CBRE, Inc.
Jeff WoolsonManaging Director
Morgan AbbottSenior Underwriter
For information contact:
www.cbremarketplace.com/blackhorse
BLACKHORSEGOLF CLUB
BudgetForecast
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Redacted
