A year ago this month, Colorado Golf Club in Parker found itself on the national golf stage, hosting the Senior PGA Championship, one of the biggest tournaments in the world for the 50-and-over set.
It was a proud moment for the club, albeit one that came during a very stressful period. Earlier in 2010, there were questions whether financial problems at the club would allow it to properly host the Senior PGA. And even after the tournament was completed with Tom Lehman winning in a playoff — and the rest of the 2010 season ran its course — it wasn’t clear what 2011 would hold for the club.
“It was a big financial mess,” said Tom Ferrell, membership and marketing director for Colorado Golf Club. “The season was in danger.”
But at a time when the bursting of the real-estate bubble — and the economy in general — has taken a toll on many golf courses, Colorado Golf Club apparently has come back from the brink. In a deal that was completely finalized just last week, the membership has acquired the golf club and has committed to funding the completion of the high-end clubhouse that was partially open for the Senior PGA. Ferrell said it’s expected the clubhouse will be complete in August.
The deal includes the championship course, nine-hole short course, practice facility, clubhouse and maintenance facility, and those membership-owned entities will operate independently of the adjacent real estate and residential community. Among those who were involved in the recent transaction were the members, a new real estate investor, lenders, creditors and the original developers. As part of the deal, New York-based Arendale Holdings has acquired 76 home sites inside the gates of the club.
“I’m very pleased with the way things are going,” said member Robert Polk, a three-time CGA Senior Player of the Year. “I think we’re heading in the right direction.”
And that includes Colorado Golf Club continuing with plans to host the 2013 Solheim Cup, the female version of the Ryder Cup. Doug Eibling, tournament director for the 2013 Solheim Cup, confirmed on Tuesday that the event is set for Colorado Golf Club the week of Aug. 12-18 that year. The Solheim Cup matches between the U.S. and European teams are held every other year, and only once every fourth year in the U.S. The 2011 Solheim Cup is set for Ireland Sept. 23-25.
Though plans for the 2013 event remain unchanged, Ferrell said, “We’re kick-starting everything anew.”
As for the membership acquiring the golf club, Ferrell said, “It’s such a positive step. This gives our members pride of ownership.
“There were not great alternatives (with the financial situation being what it was), but this is the best alternative. I would say we’re on very solid footing (now). But we have to be diligent in getting new members.”
The Colorado Golf Club course, designed by Ben Crenshaw and Bill Coore, has received many accolades since formally opening in 2007. Golfweek magazine ranks it No. 37 on its list of the best modern courses in the country and No. 4 among residential courses.
Meanwhile, another Colorado private club that also has a place among Golfweek’s best modern courses — at No. 89 — has re-opened after being closed for six months. The Golf Club at Ravenna in Littleton will operate in 2011 while in receivership, head professional and operations manager Jesse Piburn said.
Ravenna closed in early October, but re-opened for play on a scaled-back basis on April 8. While the receiver works on finalizing a planned sale of the course, he has decided to open it for member play. The club is currently selling only annual memberships — without dues — for 2011, Piburn said.
Piburn noted that it’s possible the club will be under new ownership in late summer or early fall. If a sale isn’t completed by then, it’s unclear what will happen at the course. “There’s no guarantee we’ll operate into fall or next year if we’re still in receivership,” he said.
