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International Bolton closing


gjc985
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What???

Did not see that coming. One of the best known courses in the region. Must be more to this than the virus. I could understand closing down for a month, but closing permanently? Must have been some significant financial issues brewing for a while. Maybe a sale /redevelopment pending. Hopefully this course can be saved.

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Brian is a friend of mine, we were just talking about the issue. He is no longer a member there as he disagreed with the management on their path. He worked there PT more for something to do. His "day job" allows him the time to do so. He said there is a solid membership base and this was a pure mismanagement issue.

The course will come back, this is temporary.

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Here’s a new twist in the International closing saga. Hopefully, the club gets sold to someone that will maintain the golf courses and bring some stability to the operations. The two courses are very good. It would be a shame to see homes built or some other use come of the land.https://www.telegram.com/news/20200325/owners-say-international-golf-club-in-bolton-hasnt-closed-permanently

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What the hell did they do with all the yearly membership dues? That’s so messed up. If the members were required to pay their dues at the start of 2020 then they should have had the funds to pay staff. I understand business would end in the restaurant and hotel portion, but the course probably wouldn’t have opened until the earliest of this week.

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  • 1 month later...

From what I understand, the existing owners are also providing the DIP financing during bankruptcy. I’m not a bankruptcy expert, but I have dabbled in working in these situations. That signals to me that they would like to retain ownership after the company emerges from Chpt. 11. Anything can happen in BK, but looks like they want to control the assets on a go-forward basis. We shall see

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  • 2 months later...

I know it is a very different situation, but did anyone follow the BK process for the Hermitage Club? Apparently, the auction happened in late March (so in the height of COVID madness in the Northeast). Most expected Boyne or Vail to step in and do something. Turns out, given disruption in the ski market (as all resorts had shut down), no one showed up to the auction - other than 200 members who had planned to bid. Turns out they won the auction (easy to win when you're the only one there) and Hermitage will now truly be a private member owned club. I think in the auction, they won the ski resort, golf course, multiple inns / hotels and I think they paid $8mm. They're very confident the value in the assets is north of $20mm if you were to separate things.

Shame there isn't a group of members with the direction and interest in doing something similar with the International. BK filings are public, isn't there an attorney who posts in this New England forum who can chase down the most recent filings for us? Have to imagine there is some interesting news in there

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  • 3 months later...

They operate some very high end places if this is the right Escalante Golf, http://escalantegolf.com/properties. Great news for International for sure.

 

I actually like the Oaks much better than the Pines, but they are both good. I can’t imagine there is land for another high end course in the greater Boston area so good to dream of the potential here.

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  • 2 months later...
On 11/20/2020 at 9:44 AM, ShortStick said:

They operate some very high end places if this is the right Escalante Golf, http://escalantegolf.com/properties. Great news for International for sure.

 

I actually like the Oaks much better than the Pines, but they are both good. I can’t imagine there is land for another high end course in the greater Boston area so good to dream of the potential here.

Yes, it's official.

 

https://www.morningreadbusiness.com/industry-news/release/2021-02-11/escalante-golf-acquires-the-international-golf-club-near-boston

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