Press release clarifies current purchase – does not mention future purchases
January 5, 2007 – Another update in the developing Ginn – Centex story. Ginn Resorts and Centex Destination Properties issued a joint press release (reproduced in it’s entirety below) to clarify the present status. The release makes it clear that Ginn purchased only the Ocean Hammock Club assets, consisting of the Ocean Hammock Golf Club and the Lodge at Ocean Hammock, as I wrote in my December 28th news item. Clearly, both parties want to avoid any speculation that may interfere with ongoing business, such as Centex’s marketing of their other properties.
News and speculation aside, one thing is clear – the deal isn’t done until it’s done. But perhaps the most significant part of the press release is the part unsaid. It assiduously avoids any mention of potential Ginn purchases of CDP properties in the future. I believe that Ginn will continue to acquire Centex properties following market analysis and due diligence at each site. These properties will include the Palm Coast Resort and Marina, including the Palm Harbor Golf Course (currently being redone by Nicklaus), Tidelands, Marineland, and Bulow Shores.
My sources tell me that future Ginn acquisitions will include many CDP properties outside the Palm Coast, Flagler County area. Bear Lake Reserve in NC, Loon Mt. in NH and Lake Travis in TX are high on the priority list. I’m told Bobby Ginn made a site visit to Loon Mt. this week. For a list of all CDP properties, visit their web site <LINK>. For Ginn properties, go to their site at <LINK> . Information from Centex sources, however, indicate they have several suiters for the other CDP assets.
Neither Ginn nor Centex want rampant speculation about possible future deals. It interferes with ongoing business by creating uncertainty. But trust that they are working to effect as smooth a transition as possible. Here are some things I’m told:
- The Ocean Hammock Golf Club will be private. Existing members not living in a Ginn development will be able to retain their memberships. Non-Ginn property owners will no longer be able to become members.
- Tidelands, Bulow Shores, and Palm Coast Resort property owners will be given a chance, at closing, to buy an Ocean Hammock Golf Club membership. Members will have golfing privileges at all four Ginn courses: Ocean Hammock (Nicklaus), Palm Harbor (Nicklaus), The Conservatory (Tom Watson), and The Gardens (Fred Couples). Memberships, currently valued at $50 – 75 thousand dollars) will be transferable(w/applicable transfer fee) with the properties.
- Tidelands owners will be given an opportunity to buy a boat slip (40 -70 slips will be available).
The Ginn Company has a track record of selling, delivering, and operating amenity rich resorts. The possibility of Ginn owning and operating the present CDP assets should be great news for current property owners and those under contract with Centex. Coinciding with other key local developments like Town Center at Palm Coast and Cobblestone Village at Palm Coast, it also bodes well for Flagler County.
The full press release follows:
Press Release
CONTACT:
Ryan Julison, Ginn Resorts, (321) 939-4705
GINN PURCHASES OCEAN HAMMOCK RESORT
PALM COAST, Fla., Jan. 3, 2007 – Ginn Resorts today announced the purchase of the assets of Ocean Hammock Resort in Palm Coast, Fla., including the AAA Four-Diamond Award-winning Lodge at Ocean Hammock and the Ocean Hammock Golf Club, a renowned Jack Nicklaus Signature Design Course. The seller was Centex Destination Properties, a respected developer of quality second-home communities and resorts across the United States. The purchase price was not disclosed.
“We have an established presence in the area with Ginn Hammock Beach, The Gardens at Hammock Beach and The Conservatory at Hammock Beach,” said Bobby Ginn, president and CEO of Ginn Resorts. “The addition of Ocean Hammock Resort, adjacent to Ginn Hammock Beach, will enhance our member and guest experience and add value to our other development interests in the area. Acquiring Ocean Hammock Resort allows us to further deliver on our promise of a first-class, full-service resort and club experience.”
“This acquisition combines the operational assets of two respected developers to ensure the lifestyle in Palm Coast is equivalent to that found in Amelia Island, Hilton Head or any other premier resort destination,” said Joel Sowers, executive vice president of Centex Destination Properties.
Ginn Club members and Centex’s Ocean Hammock Club members will have the best of both worlds by gaining access to club facilities and membership privileges of both developers’ properties, including world-class golf.
“Thanks to the Nicklaus-designed golf course that opened in December 2000, the name ‘Ocean Hammock’ has generated national attention and acclaim,” said Ginn. “Ocean Hammock Golf Club, the state’s first true oceanfront course to open since the 1930s, has been singled out by top golf publications for its playability and setting. In fact, teenage golf phenomenon Michelle Wie became the youngest champion in the 108-year history of United States Golf Association adult championships when she won the U.S. Women’s Amateur Public Links at Ocean Hammock in 2003.”
Among the accolades the course has received include:
- The Best You Can Play, Golf Digest
- Ranked No. 3, Top Courses in Florida, 2004, Golfweek
- Top Ten New Upscale Courses,Golf Digest
- Top 50 Golf Courses for Women, Golf For Women
- Ranked No. 73 among America’s “Top 100 You Can Play,” GOLF Magazine
Ginn assumes both ownership and operating responsibility from Centex of the Ocean Hammock Resort assets. Centex Destination Properties will continue real estate sales at its successful Palm Coast Resort, Tidelands, Marineland and Bulow Shores communities, all located in the Palm Coast-St. Augustine-Daytona Beach area.
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About Ginn Resorts
Ginn Resorts is a privately-held resort development and management firm specializing in exclusive leisure lifestyle and vacation destination communities. The firm owns and operates communities across the United States and the Caribbean. Headquartered in Celebration, Fla., the firm’s principals have more than three decades of experience in creating large-scale, master-planned resorts and recreation-oriented communities. For more information, visit www.ginnresorts.com or call (321) 939-4700.
About Centex Destination Properties
Centex Destination Properties (www.centexdestinationproperties.com) develops luxury second-home and resort communities in the continental United States and Hawaii. Centex Destination Properties is a division of Centex Homes, a subsidiary of Dallas-based Centex Corporation (NYSE: CTX). Centex, one of the nation’s leading home building companies, operates in major U.S. markets in 25 states and delivered more than 39,000 homes in the United States in its most recent fiscal year ended March 31, 2006.
In addition to its home building operations, Centex’s (www.centex.com) related business lines include mortgage and financial services, home services and commercial construction. These businesses provide operational or financial support to home building operations and are leaders in their respective industries. Centex consistently ranks among the most admired companies in its industry, according to FORTUNE magazine.
Attn: Construction Supervisor
Hello,
I’m reaching out on behalf of my Brother in Law .His name is (Chuck McCann). Chuck has been in the Dry Wall Business for 30 plus yr’s. Chuck and my sister recently moved to Palm Coast
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Chuck’s experience, please get in touch with my sister (Cathy McCann) to get in touch with Chuck. He will be an Asset to your Company and “Team”.
Home# 386-597-6749 Cell# 703-875-9057.
Thank You for your Time and Consideration. Thanks! Ellen
sea pines hilton head
Hi Toby,
With the big downturn in real estate over the past year do you feel that Ginn my be over extened with his many Devleopments and now with the colapse of his NASCAR venture do you think this is a portent of things to come ??