Century Golf Partners Acquires PGA National

Century Golf Partners, in conjunction with Walton Street Capital, LLC and SCS Advisors, Inc., has announced the acquisition of the PGA National Resort and Spa in Palm Beach Gardens, Fla. The project consists of a 339-room resort, a 34,000-square-foot conference center, a spa, racquet club with 19 tennis courts, five golf courses, the Golf Digest Academy and a private Members Club.

PGA National boasts courses designed by Jack Nicklaus, Arnold Palmer and Tom Fazio. The venue has hosted a Ryder Cup, a PGA Championship and 12 Senior PGA Championships and will be the host site for the PGA Tour Honda Classic from 2007-12.

The acquisition of PGA National marks an important milestone for Century Golf Partners, representing the 50th course added to its portfolio. According to Century partner Jim Hinckley, "Although we've grown very quickly, our growth has been carefully measured against our corporate strengths and our strategic objectives. PGA National, as an example, plays to our core strength in managing private golf clubs, and offers a platform for growth within the resort industry."

Dallas-based Century Golf Partners, a golf investment company, was formed in early 2005 for the purpose of acquiring and managing country clubs, daily-fee golf courses and golf resorts throughout the U.S. Century and its financial partners, Walton Street Capital and Lehman Brothers, have been by far the most active buyers of golf properties in the industry over the past two years. Century also owns the exclusive rights to the Arnold Palmer Golf Management brand.

The Century principals consider themselves to be golf businessmen, not merely golf operators. In fact, the company rarely accepts management assignments, preferring instead to put their own capital at risk as a direct investor in the properties they operate. Century set forth a plan 18 months ago to become the most sought-after business partner in golf. With 50 courses already in its portfolio, a strong pipeline of opportunities, and several blue chip financial sponsors in the partnership, Century would appear to be well on its way to the next milestone.

The company's portfolio of 50 courses and 3,700 employees will generate $150 million in total revenues during 2006. The company is led by former ClubCorp president Hinckley, Greg Adair, and former ClubCorp executives Ken Story and Larry Galloway. The senior management team has worked together over 20 years and is comprised of industry veterans who have collectively operated over 350 properties, acquired over 250 clubs and resorts, and built over 50 golf courses.