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Macfarlan Seeds $1B Plan With Centex Resorts

DALLAS-Macfarlan launches TerraMesa Resorts with five assets from Centex Destination Resorts. At least $180 million will go into finishing plays for the contrarian move.

By Connie Gore | Updated on April 02, 2008

DALLAS-Macfarlan Capital Partners LP, an industry-recognized contrarian, has cherry-picked five resorts and second-home communities in three states from Centex Destination Properties and absorbed its 135-employee hospitality operating group to launch the TerraMesa Resorts brand. The buyer predicts the build-out value will top $1 billion in five years.

“These are irreplaceable properties in unique mountain, lake and ocean locations. The market timing was right for us to make an investment in this space,” Dean Macfarlan, founder and managing partner of Dallas-based Macfarlan Capital Partners, tells GlobeSt.com. “We believe there is phenomenal long-term intrinsic value for our investors.” He says more than $180 million will be invested into finishing resorts and upgrading existing amenities in the next three to five years.

The acquisition spans 3,900 acres, of which 1,900 acres are available for development, 290 finished lots, 48 cottages, 27 condos and three marinas in resort-style wrappings with pools, hot tubs, canoe and kayak clubs, a nine-hole Jack Nicklaus golf course and hike and bike trails. The TerraMesa portfolio consists of six resorts, one of which was bought four months ago, the V at Lake Las Vegas, a land claim to the highest point overlooking the lake for an elite development in a 15th Century Florence design.

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