Orlando, Florida, June 30, 1995 - Arnold Palmer Golf Management Company ("Palmer Golf') announced today that it has completed its purchase of Brierwood Country Club in Buffalo, New York. Brierwood represents the first of several planned golf cours e acquisitions in the Northeast for Palmer Golf as part of its $50 million investment program. It also marks another transaction where the Palmer brand name Will be instrumental in adding value to surrounding real estate.
With a reputation as one of the finest and most challenging courses in Western New York, Brierwood is the focal point of a $150 million, 450 acre master-planned community currently being developed by the E.F. Burke Company. Peter Nanula, Chief Executi ve Officer of Palmer Golf, said: "The purchase of Brierwood marks another transaction where the Palmer brand name, with its unparalleled image of quality and universal appeal, will add significant value to adjacent real estate. We and our developer partn ers have seen impressive results to date and we continue to see huge potential for Palmer Golf's value-added in the developer market niche."
Palmer Golf was recently featured in a case study by a leading business school, which highlighted Palmer Golf's ability to increase real estate premiums by as much as 20% over those normally associated with a golf-related real estate development, as we ll as significantly increase absorption rates. In recent months, Palmer Golf has solidified alliances with a number of developers across the country.
Edmund F. Burke, Owner and President of E.F. Burke Company, sold the country club operation to Palmer Golf and will retain the surrounding real estate community. Burke said: "I have always been concerned that a wrong choice of successor could have a n egative effect on my plans for Brierwood to be the premier community in Western New York. With Palmer Golf, I have found the right successor."
Golf course renovations are already underway and include remodeling bunkers to modernize and improve playability; elevating tees for improved view of target landing areas; top conditioning of greens for tournament playability and improving quality of f airways and tee tops. As a part of Palmer Golf's strategy to host major tournaments at all of its courses, the Nike Tour's Buffalo Open will be held at Brierwood July 13 - 16. Ed Burke said: "Palmer's ability to host tournaments at their courses will pr ovide a significant opportunity to showcase Brierwood as a top-notch golf course and residential community."
Vice President of Operations, Bob lelber, announced the appointment of Nate Mather as General Manager for Brierwood. Mather has been working for the last year as General Manager at Silverthom Country Club, an Arnold Palmer Managed Country Club, owned by Weyerhauser in Brooksville, Florida which, like Brierwood, is a master-planned development where Palmer Golf has had significant impact on real estate sales. Mather was transferred to Brierwood to ensure the process of elevating the club to Palmer Gol f standards. He has 20 years of experience in opening and managing private and public clubs throughout the country.
Bob I-Elber said: "Nate Mather has an excellent understanding of what Mr. Palmer's and the company's expectations are, and a good track record in country club management. His experience with food and beverage operations was also key to the Brierwood m anagement position."
The club is reminiscent of "olde world grandeur," with its sweeping grounds, large pillars and elegant rooms. Brierwood Country Club has many amenities in addition to the 18-hole championship golf course, including an 84,000 square foot clubhouse with an 80seat formal dining roo@ banquet facilities with a sit-down capacity of 600, a complete practice area, pro shop, indoor bowling alley, four swimming pools and tennis courts.
Arnold Palmer Golf Management Company was founded by Arnold Palmer in 1984. Palmer Golf acquires, leases and manages quality golf facilities nationwide, working with private individuals, corporations, municipalities and developers. Palmer Golf is hea dquartered at Arnold Palmer's Bay HBI Club in Orlando, Florida. For information on Palmer Golf s activities in golf-related real estate developments, please contact Bill Hunscher, Vice President of Corporate Development, at (407) 876-6700.