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Friday, January 27, 2012

Putting on The Ritz: Reynolds lenders reject offers, want hotel included in package

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        The banks that now own and are trying to dispose of the bankrupt Reynolds Plantation in rural Georgia have rejected recent offers, including from Reynolds residents, according to a January 24 email sent by a resident group and reported by Palm Coast based Toby Tobin at GoToby.com.  Toby also details the current status of a number of Florida golf communities and also updates his readers on the situation at The Cliffs Communities by reprinting our own story on the Carolina golf communities.  Thank you Toby.

        According to the email, “Reynolds Plantation is temporarily off the market. Given that there were no offers acceptable to the banks, the deal is being reconstituted to now include the entire Ritz Carlton hotel property in the new offering.  It is also our understanding that the seller [the bank] is only willing to sell all of the assets as one packaged deal and is not willing, at this point in time, to carve out and sell separately any of the assets including just the amenities.”

        The insistence by the banks that the Ritz be part of any package probably puts acquisition of the Reynolds Plantation’s golf clubs -- six in total and a seventh under construction -- beyond the reach of the residents who earlier rejected an offer from founders and Reynolds developers Mercer and Jamie Reynolds to purchase the amenities for $44 million.  By some estimates, the market value of the golf clubs was under $20 million.

Read 4135 times Last modified on Friday, 27 September 2013 11:29
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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.

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