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Hammock Beach Resort with Two Golf Courses Sold to Tampa Company

The multiple transactions apparently include Lubert-Adler’s remaining local real estate assets, once developed by Bobby Ginn with Lubert-Adler as a financial partner.

By Toby Tobin
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PALM COAST, FL – January 4, 2020 – Arguably the most significant chapter in Flagler County real estate development ends as Lubert-Adler sells its remaining local assets, including the Hammock Beach Resort with its Jack Nicklaus and Tom Watson signature golf courses. The complex deal included two undeveloped but well-positioned commercial properties and closed December 31. The total value of all recorded transactions is $18.26M. The buyer is Tampa-based KDG Capital, a private equity fund headed by Dr. Kiran Patel.

KDG  has engaged Plano, Texas-based Aimbridge Hospitality to manage the resort. Troon Group, the world’s largest golf management company, will manage the two golf courses as part of their worldwide Troon Privé network of courses.

HAMMOCK BEACH CLUB AND GOLF COURSE

Hammock Beach Resort and Golf Course

CONSERVATORY GOLF COURSE

The Conservatory Golf Course

Hammock Beach Resort was the vision of legendary developer Bobby Ginn, who entered the local real estate scene in the late 1990s. Associated with Lowe Destination Properties, Bobby was responsible for the early development of Grand Haven (before it was sold to Landmar Group}. Bobby had previously worked with Lowe in Charleston, S.C.

Ginn left Lowe and joined with Philadelphia-based Lubert-Adler as a financial partner. Together they formed a juggernaut that was involved in developing locally and in Orlando, South Florida, Colorado, Georgia, the Carolinas, New England, and Grand Bahama. The Great Recession took its toll on many of Ginn-LA’s wide-flung projects. Bobby and Lubert-Adler parted with LA as the steward of the remaining assets.

Ginn-LA’s most notable successes remain Reunion Resort in Kissimmee (sold to Kingwood International Resorts one year ago) and the Hammock Beach Resort. Clearly, Hammock Beach and its surrounding developments were instrumental in Palm Coast and Flagler County becoming the fastest growing city and fastest-growing county respectively two years in a row.

Hammock Beach Resorts also includes a marina and tennis facilities at Yacht Harbor Village.

YACHT HARBOR VILLAGE MARINA AND TENNIS 

Hammock Beach Resort Marina and Tennis

The sale includes Jose Park on Route A1A; six parcels totaling 17+ acres with 1,100 feet of frontage on the Intracoastal Waterway. Also part of the sale is three parcels totaling 15 acres fronting both Palm Harbor Pkwy and Pirate National Way (across from Matanzas High School and opposite the main entrance to The Conservatory).

JOSE PARK - UNDEVELOPED LAND

Jose Park

PALM HARBOR PKWY - UNDEVELOPED COMMERCIAL LALND

Palm Harbor Pkwy commercial land

Other local Ginn-LA properties previously sold by Lubert-Adler are both on John Anderson Hwy; The Gardens and Bulow Shores.


Toby Tobin: REALTOR®, SRES®

I'm a licensed Florida REALTOR®, SRES®, affiliated with Grand Living Realty in Palm Coast, Fla. As a real estate consultant to developers/builders, and as a journalist, I have years of experience and a treasure trove of relevant data and local knowledge. I help developers, builders, homebuyers, and sellers achieve improved fact-based outcomes.

Call me at (386) 931-7124 or email me at Toby@GoToby.com.

Listen to my radio show, Real Estate Mattersevery Saturday morning right after the 11:00 A.M. news break on WNZF News Radio 1550 AM or 94.9 FM. Download the Flagler Radio App from the App Store so you can hear Real Estate Matters from anywhere in the world.

reader comments
Got What They Deserve
Posted by Ron
Jan 07, 2020, 6:55 pm
LA failed. There management team did not maintain this beautiful property. The golf operations is a mess. If it was not for the two hurricanes providing insurance money they would have got less. They failed to uphold their promise to the membership. Hopefully new ownership will make changes soon. Starting with the people in leadership roles. Welcome Aimbridge and Troon.

 
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Don "Toby" Tobin is a licensed real estate professional affiliated with Grand Living Realty. Toby is a member of the Flagler County Association of Realtors®, the Florida Association of Realtors, Enterprise Flagler, Flagler Home Builders Association, and the National Association of Realtors.

GoToby.com proivdes real estate news, commentary, and analysis for Palm Coast and Flagler Country Florida, as well as Realtor® referrals and consultation to buyers, sellers, and developers.