CNL Acquires Palmetto Hall Plantation Club

CNL Income Properties, Inc., a real estate investment trust (REIT) focused on lifestyle properties, has announced its acquisition of Palmetto Hall Plantation Club in Hilton Head, S.C., for approximately $7.6 million.

CNL Income Properties has entered into a long-term, triple-net lease with Heritage Golf Group to operate the club. Heritage is the owner and operator of private, resort and high-end daily-fee golf facilities around the country.

“We are excited to be announcing our first expansion into golf with this well-established club,” says Rudy Anderson, CNL Income Corp. vice president of Investments. “The acquisition is a good fit with our continued overall growth strategy to invest in golf properties in popular destinations operated by significant golf course industry leaders. Heritage Golf Group is a proven leader in delivering high-quality golf experiences and we are proud to be partnering with them on this transaction.”

The property includes two 18-hole championship golf courses designed by Arthur Hills and Robert Cupp. The club also includes a full-service clubhouse, a pro shop, two tennis courts and a swimming pool.

“This is a great opportunity for our company,” says John Hungerford, executive vice president of Operations for Heritage Golf Group. “Palmetto Hall is a premier property and an excellent addition to the Heritage Collection of Clubs on Hilton Head Island. Heritage is always looking to add quality facilities that have a reputation for excellent golf course design, and these two courses certainly meet that criterion. We are also looking forward to our new partnership with CNL on this project.”

For more information about Palmetto Hall, call 843/681-7717 or visit http://www.palmettohallclub.com/showsite.asp.