Valuations of golf related properties, whether a daily fee, semi-private, or private (equity or non-equity) are specialized and challenging going concern appraisal assignments. Further, many golf courses have hotels / resorts, mixed use, and other related businesses that require talented experts to understand and value appropriately, in addition to addressing the key components of the going concern valuations. We have extensive experience, the specific skills, and the essential local market knowledge required to deliver accurate, timely, and cost-effective valuations for golf courses and complex valuations where golf is simply a component.
Each component of the business and its operations must be evaluated, as well as, the local market must be thoroughly researched to understand the direct competition, player profile, demographics, and supply/ demand factors. All three approaches to value are considered and often, depending on the asset and ownership structure (daily fee vs private equity), detailed discounted cash flows and membership sellout models are required. Our experts understand how each element may affect the final value. We have a deep understanding of the golf course industry and we have an extensive database of comparable information, unmatched by our competition.
The golf industry in the U.S. has gone through a major refocus over that past 15 years with the number of golfers peaking and a decline in the number of golf course facilities operating. Much of our current work involves repositioning courses and exploring alternative land uses for properties where golf is no longer economically feasible. We have explored redevelopment of sites, conservation easements, selling driving ranges, closing portions of a course, and other solutions based on client’s needs.