The company said Wednesday that the sale to Toll Golf is expected to close in January. The price wasn’t disclosed.
This will be interesting to see if the transaction is finalized. In Real Estate, Due Diligence is everything.
The Snowmass Club is somewhat complex in it’s current state with over 290 Fractional Owners, and existing Home Owner Associations that employ many of the Snowmass Club’s staff. This is not just a country club that has only members and a few public rounds of golf to consider. At best, the golf course sustains only marginal amounts of play during it’s 4 month season due to weather which brings attention to an interesting question, will Toll Brothers be able to substantiate the purchase price without a method of maximizing the number of rounds played per year?
Is there existing development on the 210 acres of the Snowmass Club? Not really, there is only basically the “old” golf club house located near the 11th Tee Box of the Snowmass Club Golf Course that can potentially be re-developed into a Duplex, Tri Plex or other. Is that enough of a development play?
This bags the question, will Toll Brothers look to purchase the Snowmass Club as a “trophy” acquisition whereby it will not look to a bottom line revenue stream to substantiate the cost? If the Current HOA’s do not look to join Toll Brothers for management, how will that impact the Home Owners, the Club Members, the Staff and the overall operations?
Will Toll Brothers look to redo some areas of the Snowmass Club that may need remodeled?
With the $2.4m renovation just completed by the Phase I Homeowners Association, does that mean that Toll Brothers is willing to allocate more dollars to the Snowmass Club. Will the Restaurant be remodeled, or the spa improved, or will the Black Saddle / Golf Pro Shop be enhanced to resemble more of a “true” Country Club feel whereby Owners/Members may be able to have and enjoy a True Locker Room experience similar to the Other True Golf Country Clubs of the Roaring Fork Valley: The Roaring Fork Club or Aspen Glen.
For Owners at the Snowmass Club that were sold the “story” of the lifestyle purchase of owning at the Snowmass Club and enjoying club benefits and the boutique lifestyle experience and operation of the Aspen Skiing Company along with the Crown Family, what does this do to their investment?
Is Toll Brothers golf the right fit for the Snowmass Club?
According to the Pitkin County Assessor’s Office, the club and its facilities are valued at around $17 million.
The sale will include the club, its facilities and the 18-hole, semi-private golf course. The Snowmass Club has more than 1,000 dues-paying members and employs between 200 and 275 employees depending on the season.