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Oceanico Enters US With $500M Golf Resort Buy

CARTHAGE, NC-The Portugal-based company acquires the Little River Golf & Resort in the Pinehurst golf region.

By Natalie Keith | Updated on January 03, 2008

CARTHAGE, NC-In a move that marks the company’s entrance into the US, Silves, Portugal-based Oceanico Group has acquired the 630-acre Little River Golf & Resort for $500 million. The acquisition was completed at the end of December. With the transaction, Oceanico will assume operations of the resort.

The property is located within the Pinehurst golf region, which is considered to be a top golf area in the country. Oceanico Group director Simon Burgess tells GlobeSt.com that Oceanico began looking for properties in the Pinehurst area based on the recommendation of a colleague. The New Jersey-based owner of Little River Golf & Resort happened to be interested in selling the property. “We were in the right time at the right place,” he says.

The resort opened in 1996 and includes an 18-hole golf course, which is the only Dan Maples-designed golf course in the Pinehurst golf area. The property also features a 20,000-sf clubhouse which overlooks lakes and forests. Also included in the property are 64 two-bedroom apartments, a number which Oceanico plans to increase.

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