Consolidated-Tomoka Announces the Sale of its Golf Operations for $3.45M

10/20/19

DAYTONA BEACH, Fla., Oct. 18, 2019 (GLOBE NEWSWIRE) -- Consolidated-Tomoka Land Co. (NYSE American: CTO) announced the closing of the sale of its golf operations, consisting of the LPGA International Golf Club,, for total proceeds to the Company of approximately $3.45 million. The Company provided the buyer, an affiliate of Fore Golf Services, Inc., financing in the form of a first mortgage loan. In addition, the Company paid off its remaining liability to the City of Daytona Beach totaling approximately $540,000, which related to the per round surcharge the Company agreed to pay the City in connection with the Company’s prior buy-out of the land lease with the City. As part of the Golf Transaction, Fore Golf agreed to pay the Company approximately $560,000 in the future based on a per round surcharge of $1.50 per round for each round played at the Golf Club. The Fore Golf Loan has a term of one year.

John P. Albright, President and Chief Executive Officer of the Company said, “We’re pleased to have completed the sale of the golf operations, which has sustained significant operating losses throughout the history of the Golf Club and required substantial capital expenditures in recent years.” He also stated, “The sale of the golf operations will be immediately accretive to our earnings and cash flows.”

About Consolidated-Tomoka Land Co.

Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns approximately 2.3 million square feet of income properties in diversified markets in the United States and approximately $16 million in real estate loan investments. Visit our website at www.ctlc.com.

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