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Spotlight on REITs: National Golf Properties

Money Manager | Monday, September 26th, 2011

National Golf Properties: This Company was a real estate investment trust that bought golf courses and golf properties all over the world, specializing in luxury golf properties. National Golf Properties was a company that was traded publicly and which owned 118 golf courses in half of the United States. The Golf course acquisitions company also managed more than 250 privately golf clubs and courses, the company also employed 17,000 people throughout the United States, Japan and the UK, and National Golf Properties owned 7 golf properties in the United Kingdom as of 2002.

National Golf Properties was based in California – this is where it had its headquarters and the bulk of its properties. National Golf Properties had golf properties that held multiple USGA championships, some of which being the senior men’s open and the woman’s open, making their golf courses very private and very lucrative. National Golf Properties managed as well as owned golf course property that had over 500,000 private club members; they also owned properties that Tiger Woods indorsed, making them even more popular.

In 2003 National Golf Properties was bought by Goldman Sachs along with Starwood Capital, the two companies paid the shareholders $12 cash per common share, the total acquisition cost for them to buy National Golf Properties was aprox $1.0 billion dollars US.

National Golf Properties was then fully owned by Goldman Sachs and Starwood Capital, both of which are multibillion dollar companies, Starwood Capital owns and operates many hotels and resort, in which it plans to incorporate National Golf Properties into, creating golf destinations.

A very large lending institution, Goldman Sachs was able to back Starwood Capitals big financial plans for the National Golf Properties acquisitions, the two are the perfect combination of assets and liquid cash.

National Golf Properties shareholders and investors where happy with the deal, since it gave the shareholders a good financial profit and allowed the company to grow even further than National Golf Properties could have taken it.

National Golf Properties was one of the most prosperous golf real estate trusts that existed, The CEO and president of this company is now Paul Major and the CFO is now Mike Moecker, these are newly appointed and are part of the Starwood Capital and Goldman Sachs Corporation.

National Golf Properties was booming in the 1990’s it was acquiring properties quickly and was growing at such a rate that it seemed to be destined for big things, Its only real competitor Golf Trust of America went into deep discount and then into bankruptcy in 2001. This put the company into an even better position to take over the market.

National Golf Properties decided to sell when the market was good and stocks were strong, giving them the financial edge over any other company that is bought when stocks are low and the company is set to go bankrupt.

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