CNL INCOME PROPERTIES ANNOUNCES ACQUISITION OF PALMETTO HALL PLANTATION CLUB
Acquisition represents alliance between CNL Income Properties and Premier Golf Course Operator Heritage Golf Group --
(ORLANDO, Fla.) May 10, 2006 – CNL Income Properties, Inc., a real estate investment trust (REIT) focused on lifestyle properties, announced today its acquisition of Palmetto Hall Plantation Club in Hilton Head, S.C. for approximately $7.6 million.
CNL Income Properties has entered into a long-term, triple net lease with Heritage Golf Group, the owner and operator of a portfolio of private, resort and high-end daily fee golf facilities around the country, to operate the club.
“We are excited to be announcing our first expansion into golf with this well-established club,” says Rudy Anderson, CNL Income Corp. Vice President of Investments. “The acquisition is a good fit with our continued overall growth strategy to invest in golf properties in popular destinations operated by significant golf course industry leaders. Heritage Golf Group is a proven leader in delivering high-quality golf experiences and we are proud to be partnering with them on this transaction.”
The property includes two 18-hole championship golf courses designed by Arthur Hills and Robert Cupp. The club also includes a full-service clubhouse, a pro shop, two tennis courts and a swimming pool.
“This is a great opportunity for our company,” says John Hungerford, Executive Vice President of Operations at Heritage Golf Group. “Palmetto Hall is a premier property and an excellent addition to the Heritage Collection of Clubs on Hilton Head Island. Heritage is always looking to add quality facilities that have a reputation for excellent golf course design, and these two courses certainly meet that criterion. We are also looking forward to our new partnership with CNL on this project.”
About Heritage Golf Group
Heritage Golf Group began in 1999. Since then the company has grown an impressive portfolio of private, resort and high-end daily fee golf facilities around the country. The Heritage Portfolio represents some on the most well-known and acclaimed properties spanning California, Texas, Georgia, Florida, and South Carolina.
About CNL Income Properties Inc.
CNL Income Properties Inc. is a real estate investment trust that owns a portfolio of 15 properties in the United States and Canada in the lifestyle and recreation sectors. Headquartered in Orlando, Fla., CNL Income Properties specializes in the acquisition of golf courses, ski resorts, marinas, campgrounds, merchandise marts, destination retail and entertainment centers, attractions and parking facilities, among other asset types.
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