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:
Ryan Julison, Ginn Resorts, (321) 939-4705
- 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