Services: Valuation and Acquisition
Location: Eagle, Colorado
Adams’s Rib Ranch Country Club (Now Frost-Creek) is a sprawling 2,655 acre expansive, private golf course community nestled 90 miles west of Denver just past the beautiful ski resorts of Vail and Silverthorne. The 18-hole private country club includes a spectacular golf course, tennis courts, swimming facilities, plus hundreds of pristine acres utilized for hunting, world-class fly fishing, and residential development; it is one of Colorado’s finest golfing communities. The Denver Post heralded THK’s clients’ acquisition of Adam’s Rib Ranch in 2015 as easily qualifying as “the real estate deal of the century in Colorado.”
Services: Golf Operations Analysis
Location: San Clemente, California
THK performed a comprehensive evaluation of the City of San Clemente’s municipal golf course and provided an analysis of the overall San Clemente golf market and made site, facility and planning recommendations and financial projections for the future use and operations at the golf facility, resulting in a comprehensive master plan update for the San Clemente Municipal Golf Course. This audit included a complete review and assessment of all financial and physical aspects of the current operations at the golf course, a projection of golf course usage and demand, an analysis of competitive supply, recommendations as to the structure of the staffing, marketing, equipment needs, capital improvements, maintenance and management of the course, a thorough physical assessment, and a financial cash flow analysis with estimates of revenues and expenses for entire course operation projected for the next 10-year period.
Services: Financial Feasibility
Location: Roggen, Colorado
THK was retained by the Colorado State Land Board to assess the development potentials, financial projections, and recommended land lease structure for the two to six golf courses and supporting amenities for the proposed Dream Golf facility, Rodeo Dunes, near Roggen, Colorado. Dream Golf is the renowned developer of the Bandon Dunes resort complex in Oregon and Sand Valley golf resort in Wisconsin. This golf course market analysis ultimately derived the gross revenues and net operating income for the proposed golf facilities and allowed for an accurate estimation and appropriate lease rate for portions of the Colorado State Land Board properties that the proposed facility would be located on. Based on this research and analysis, THK recommended the operating characteristics for the first two Dream Golf courses at Rodeo Dunes along with ancillary services such as lodging rooms, food and beverage operations, and other revenue sources. It concluded with a physical examination of the impacted Colorado State Land Board properties and adjacent lands and a recommended lease structure for the Colorado State Land Board properties.
Services: Facility Upgrade Analysis
Location: Westminster, Colorado
THK Associates was hired by the Ranch Country Club in Northern Denver to determine the financial feasibility of upgrading various facilities at the course within the current economic climate. THK engaged in a wide breadth of activities to service the client’s needs. A golf feasibility study identified the current market demand for golf along local courses vying for golf rounds played. This demand for golf eventually created the foundation for memberships and guest rounds, facility utilization, golf cart rentals, and facility sales from food, beverage and the pro shop, etc. Current sales were compared to a projected increase in sales assuming the renovated facilities could capture additional players.
Services: Expert Testimony
Location: Verano in San Antonio, Texas
Snell & Wilmer of Las Vegas retained THK Associates to prepare market feasibility and appraisal research to help defend the law firm of Norton Rose Fulbright and Jaworski in a malpractice lawsuit resulting from the poor market performance of the Verano Master Planned Community in suburban San Antonio. THK prepared historical and projected market research for residential and commercial land uses to demonstrate that the poor market performance of Verano was a result of the recession of 2008 and not related to the performance of the law firm.
