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Case Studies - Christovich & Associates


Sea Trail Resort, Sunset Beach North Carolina
Sea Trail Resort, a 54 hole golf complex with 300 privately owned rental units and 45,000 square foot conference center in the Myrtle Beach market, filed for bankruptcy protection in early 2012.  CA was retained to manage the resort operations during the bankruptcy proceedings, and was able to eliminate over $1 million in annual operating losses in year one of operations.  After stabilizing the Resort operation financially, restoring credibility among it's 3000+ residents, and completing a complete turnaround of all facets of the operations in under less than two years, the Resort was successfully sold at auction in July 2013.

Genoa Lakes Resort, Carson Valley, Nevada
Christovich and Associates was appointed Receiver of the 36-hole Genoa Lakes Resort on behalf of Bank of America in November of 2012 to oversee the management and disposition of the asset.  The popular resort located in the Reno-Lake Tahoe market, a long-time host of prominent events such as the U.S. Open qualifier, had been struggling with weak demand and a heavy cost structure.  CA was able to stabilize the operation, eliminating over $300,000 in annual excess operating expenses, improve the quality of course conditions and day-to-day operations, and successfully facilitate the sale of the property, at 80% of the loan value, in January of 2014.

Windsor Parke and Champions Club Golf Courses, Jacksonville Florida
These two clubs, long-time premium daily fee courses in the Jacksonville market, were for sale for almost two years; they were non-strategic (geographically) assets held by a national insurance company.  After nearly a year of a lengthy and futile contract process frought with buyer demands and multiple extensions, CA was engaged to sell the golf courses.  The clubs were under contract within 60 days of engaging CA, and were sold within four months (the sale closed on May 1, 2015) at the seller's full asking price.  During the sale process, CA arranged for and oversaw two major capital projects, collected and assembled all buyer due diligence materials, negotiated an early termination of the cart leases, and prepared all closing credit and proration schedules.  CA has since preformed 4 other assignments for the same seller/owner in the Boston and Louisvlle markets.

Glen Flora Country Club, Waukegan Illinois
This 100 year-old prestigious private club north of Chicago came under financial distress following a major renovation in 2006.  Brought in by the club's lender and engaged by the club's board of directors, CA spent 4 years years stabilizing the club operation, putting new personnel in place, establishing an agressive marketing plan for membership and catering sales, and restructuring the clubs' expenses to put the club in a position to market it for sale.  CA conducted a successful property tax appeal with Lake County, saving the club over $100,000 in ad valorem taxes, renegotiated numerous vendor contracts, compelled the club's lender to adjust the loan value on the club to realistic levels, and the club was successfully sold in November of 2015.