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Guggenheim and RBS To Fund $600M-Plus for Nicklaus Resorts

CHICAGO-Guggenheim Partners, the Royal Bank of Scotland and Nicklaus Investments have joined together to form Guggenheim Nicklaus Partners LLC (GNP). The group will begin developing Jack Nicklaus-branded golf and residential resorts within the year.

By Dana Dubriwny | Updated on July 13, 2005

CHICAGO-US investment management firm Guggenheim Partners is collaborating with Royal Bank of Scotland to fund Jack Nicklaus-branded golf and residential resorts. Furthering the venture, Guggenheim and RBS have also joined efforts with Nicklaus Investments, owned by renowned golfer Jack Nicklaus and his family, to form Guggenheim Nicklaus Partners LLC (GNP).

GNP is expected to facilitate about $60 million to $120 million of funding for every Nicklaus residential golf resort project over the next 12 months. According to Andrew Rosenfield, managing partner with Guggenheim, the company is planning to roll out between 10 and 15 projects in the first year.

“We’d like to do 10 to 15, then figure out the pace from there,” Rosenfield says. “The market would probably support 10 to 15 per year, but we don’t have any pre-existing formula.” The group will hold a majority stake in the resorts but will offer a minority ownership role to home developers and builders.

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