C-Bons International Golf Group, known as CBIGG, has notified the clubs under its umbrella that it hopes to sell its entire portfolio by the fall.
This story was originally reported by Golf Inc. magazine.
The U.S. subsidiary of a Hong Kong-based company has 20 private clubs and golf courses, 13 of which are located in Texas.
“At this time, with the state of the industry at its highest point in decades, we feel that now is the time to divest these clubs to another ownership or investment group,” Randy Jones, CBIGG senior vice president and COO, wrote in a letter to club members.
Jones said the company expects to complete the sale and transfer ownership by SeptemberTop of Form. Jones is an American who worked in China for several years and oversaw the development of several courses for C-BONS.
C-BONS stormed into U.S. golf in 2015 with the acquisition of 22 golf properties from Walton Street Capital. Most of those courses were in Texas.
Century Golf Partners, which had operated the facilities and had an ownership stake in the portfolio, continued to manage them.
C-BONS already owned four golf courses in the U.S. at the time of the acquisition, having acquired courses that had experienced financial troubles, including Stallion Mountain in Las Vegas and Moon Valley Country Club in Phoenix.
