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Goldman/Starwood Group Close on $1B Golf Buy

NEW YORK CITY-National Golf's shareholders OK'd the deal on December 18. Smart move; holders of outstanding shares will receive $12 per. Roland Smith, hand-picked by the investment group to lead the REIT after the sale, can now take his post.

By John Salustri | Updated on February 07, 2003

NEW YORK CITY-A joint investment of $1 billion has flipped ownership of REIT National Golf Properties and its operating unit–American Golf Corp. The newly closed deal delivers the trust’s 118 golf courses into the hands of an investment group comprised of GS Capital Partners 2000, Goldman Sachs Whitehall Street Real Estate Fund 2001 and Starwood Capital Group. GS Capital Partners is Goldman Sachs’ primary equity investment vehicle. In addition to the courses, which are spread out over 22 states, the buy also delivers some 17,000 employees of the American Golf unit.

National’s shareholders gave the deal their thumbs up at their annual meeting in the REIT’s headquarters town of Santa Monica on December 18. As a point of interest, at that meeting, C&W chairman John C. Cushman, III–along with Charles S. Paul–were re-elected as directors of National Golf, and PricewaterhouseCoopers LLP was ratified as independent public accountants for National Golf and its subsidiaries for the fiscal year 2002.

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