BUYER: CH3 Riverwood Golf Club LLC (principal: Christopher Schaeffer), Naples
SELLER: Riverwood Golf Club LLC
PROPERTY: 4100 Riverwood Drive and 4310 Club Drive, Port Charlotte
PRICE: $1.7 million
PREVIOUS PRICE: $5.24 million, January 1994
LAW FIRM ON DEED: Cherry Edgar & Smith PA, Palm Beach Gardens
PLANS, DESCRIPTION: CH3 Riverwood Golf Club LLC, an investment group associated with Naples-based Coral Hospitality, purchased the semi-private Riverwood Golf Club for $1.7 million.
The sale included the Gene Bates-designed 18-hole golf course, a 5,800-square-foot clubhouse and associated maintenance buildings.
The hospitality management and consulting firm Coral Hospitality was previously associated with the club, according to Christopher Schaeffer, managing member for CH-3 Riverwood Golf Club and chief financial officer and principal in Coral Hospitality, “So when we created this new investment group with the goal of pursing golf clubs in southwest [Florida], we became aware that the club was for sale in the Riverwood Community,” he says. “This is one of the top 15 courses in the state [according to Golfweek Magazine]. We plan to do some initial improvements and refurbishments such as constructing a cart barn to replace the existing cart suite.”
Schaeffer says the club is located in an established community that was not less affected by the recession then the rest of the market.
The new ownership also plans to increase the membership from the current 450 club memberships through the release of invitation memberships.
The same investment group purchased the Arrowhead Golf Club in Naples in June 2011. Coral Hospitality has been retained to manage both clubs.