Four Seasons Las Colinas Sells To Blackstone

Steve Brown on the latest ownership change at the Four Seasons Resort and Club at Las Colinas, host to the Byron Nelson.

Brown writes:

Since 2010 the 431-room luxury Irving golf course hotel, conference center and spa have been owned by lenders who foreclosed on the property after previous owners defaulted on debt.

Now a company set up by Blackstone Real Estate Advisor has purchased the Four Seasons for an estimated $150 million.

New York-based Blackstone is a major U.S. real estate investor. It acquired the hotel in a private sale from CW Capital, which represented the securitized debt holders on the property.

The TPC Four Seasons Las Colinas may only host the Byron Nelson a few more years as future sponsor AT&T eyes a possible new Coore-Crenshaw design.

Considering USGA's Grow The Game Desires

Tom O’Toole, new USGA President, emphasized growing the game in his address at the annual meeting in Pinehurst.

From the speech:

Securing the game’s health is indeed a critical role that the USGA plays within the golf community. The golf industry is vast and multifaceted, and it comprises countless dedicated individuals… who possess the skills, experience and drive to grow the number of golfers participating in the game. Growing the game is not our primary responsibility; rather, it is to ensure that the game they are marketing and selling to consumers is consistent with the very spirit and principles of equity upon which the game was founded. If we fulfill our mission to provide a strong nucleus for the game, by being concerned with the game’s health, we optimize the chance for the golf industry that surrounds it to grow.

Longtime USGA types have always been leery of the organization wanting to get in the growth business, as it suggests they are overly worried about the profit needs of corporations. There is also the potential of taking their eye off the ball of what they do best: championships, handicapping and initiatives like their current pace of play or water usage research. O'Toole seemed to be aware of this while trying to appease the business side of golf.

There is, however, the problem of mostly older, of-significant means folks with no shortage of middle initials and suffixes and club members, talking about what is real golf or not while also wanting to bring more people into the game.

I was in the room for his press conference earlier in the day and didn't catch O'Toole's last remark about alternative forms of golf.  However, Bob Carney saw those remarks and one line after that I left out and seized on O'Toole's assertion that, "We're not going to call that golf."

I'm very happy that the USGA is broadening its horizons. And O'Toole's new attitude is welcome. But I mean, what other sport does this to itself? What other sport promotes itself and then sets standards about whether you can say you're really playing it?

Which is why the USGA getting in the grow the game business could prove to be tough sledding.

'14 USGA Annual Meeting Report: Best Corporatespeak, Ever!

The annual gathering of Pinkerton guards...aka the blue and grey of the USGA held their yearly shareholders get together at Pinehurst's Carolina Hotel and the event was only marred by an outbreak of buckets, brands, platforms, even one "we want to expand our customer base," and a splendid microphone sound after Walter Driver's speech that sounded like the former president had eaten a few too many of the garlic-infused appetizers during the open bar session. (First for me and glad for it: garlic warning labels from the chef.)

While the corporatespeak ran wild in Bill Campbell country (oh how he wouldn't have approved), the real focus was on the mini-drama that was the transition of so-called power from president Glen "I want to be Antonin" Nager and incoming president Tom "Bring On Joe Buck" O'Toole. Both men behaved admirably, pretending to act like it wasn't an awkward occasion when Nager ultimately passed on the usual outgoing presidential duties to largely appear for a few minutes at the annual meeting. To his credit, Nager gave a fine speech, albeit in an obviously emotional state, as he tried his best to say the word brand 453 times in 453 seconds.

He mentioned something about "deviances," how the anchoring ban showed the world of golf to be wanting "strong leadership," the brand again, then how the USGA needs to do what other well-branded organizations in golf do to get with the times, and warned of degrading the brand by not doing the right branding.

And then, in example 32 of how Middle East peace is still possible, Nager spoke to O'Toole by saying he wanted his successor to succeed, needing him to succeed for the sake of the USGA. And really not meaning any of it. The same could be said for O'Toole's Nager compliments, which were inserted last minute after not appearing in the embargoed version of the O'Toole's address. (You can read it all here.) He mentioned none of Nager's presidential themes during his speech.

O'Toole gave a long, largely light on details talk with a pledge to emphasize accessibility to the game and more outreach to attract those not in the game. The message does and will fall flat because of the USGA's traditional country club makeup (driven in part by the high cost of volunteering), and had me longing for Nager's more substantive agenda of water conservation, shrinking the footprint of the game and simplifying the rules. All initiatives which will continue, though O'Toole skimmed over those successes.

Before the dueling presidents spoke, the shareholders were informed of the numbers from 2013 by treasurer Diana Murphy, who reported revenues of $157 million on expenses of $159 million. The deficit was chalked up to a very small manufacturing plant in Ardmore, Pennsylvania that did manage to do the second most in USGA merchandise tent revenue. Second only to that place in San Diego that they refuse to return to.

Bernie Madoff could help the USGA get to double digit points as they only earned 9% on their cash stash, bringing the tally to $300 million for "financial security" that Murphy said insulates them in the worst case scenario of having to cancel a US Open due to weather or some other calamity. Oh, and the "safety net" allows them to deliver "critical services" too.

Murphy also mentioned the Fox Sports television deal signed through 2026 promising "greater coverage" and that it will be viewed as a "game changer" both in the USGA world and in golf. Considering Fox Sports 1's most horrifying ratings report to date, I'll wait to agree on the game changer argument.

The annual meeting dinner, not attended by Nager, featured a fine emcee effort by Tim Rosaforte and the usual awards to volunteers like Peter Dernoeden (Green Section Award), Michael Cumberpatch (Joe Dey Award) and Jeff Silverman receiving the Herbert Warren Wind Award for his splendid book on Merion.

Overall, the event had that odd combination of mostly folks gathering who are loyal servants to the game and who love the game and who you'd just love to take home to mom because they are just that good. And then you have a few types who see the USGA as the corporation they never go to be part of, longing to maximize revenues.

The Man Who Left Dinner Early: Nager Photo Caption Fun

Outgoing USGA President Glen Nager, the lamest duck inthe history of lame duck presidents, gets big points for at least showing up to the final USGA Annual Meeting and giving an admirable speech after announcing his premature retirement from wearing navy and grey, received his parting gift from incoming USGA Prez/enemy Tom O'Toole.

Nager then made like Jesse Owens the moment the meeting was done, skipping an excellent Pinehurst dinner. That commemorative placque is likely to be on a Hertz rental car employee mantel, if not by the side of Highway 1 somewhere just outside Pinehurst depending on Nager's desire to roll down the window and give his award a nice heave.

Anyway, thought bubbles are in order for this photo of lovebirds Nager and O'Toole at the 2014 USGA Annual Meeting! (Read here for the backstory).