I received the following press release in my email box today and thought I’d pass it along.
For Immediate Release For More Information:
September 28, 2010 Dan Morgan, (775) 323-4500
Somersett Golf and Country Club members to assume ownership from Somersett Development Company
(Reno, NV) – In an exciting transaction that continues the quality and beauty for which Somersett Golf and Country Club is known, the Club’s equity members announced today they have voted to assume full ownership and control of the golf course and country club effective October 31, 2010.
Under the terms of the agreement, Somersett Development Company will transfer to the Club’s equity members all assets, including the golf course, free and clear of all debts and encumbrances, as well as approximately $1.25 million in cash for future operating expenses. Transferring the Club to its members gives the Club’s future and control to those with the most invested in its success.
“This is a very positive development for both Somersett Golf and Country Club and the community of Somersett as a whole,” said Rich Oster, president of the Club’s Advisory Board of Governors. “This will allow the club to control its own destiny and I know that every equity member is committed to making the Club as great as we all know it can be.”
Somersett Golf Course opened in April, 2004. The 18-hole, par 72 championship course was designed by 19-time PGA Tour winner Tom Kite and features seven lakes, 62 white sand bunkers, 400-foot-wide landing areas, dramatic elevation changes and stunning mountain views. It plays 7,252 yards from the championship tees.
Blake Smith, managing partner of Somersett Development Company, stated, “Our vision for Somersett has always had the golf course as the centerpiece, and we are very proud of the course and the Club. It’s an asset for the entire community and the region. The exchange of the Club to its members has always been in our business plan. I am happy that we are accomplishing it now.”
While Somersett has faced many of the challenges most residential developments are experiencing in this economic climate, the future is looking up for Somersett. Four separate builders have resumed construction in Somersett, and the pace of sales has increased significantly in recent months.
“Somersett is an absolutely fabulous place to live, and the Golf and Country Club makes it all that more special,” Oster said. “The equity members of Somersett Golf and Country Club are committed to ensuring the Club remains a wonderful family amenity and an integral part of the Somersett community, and the Advisory Board of Governors is confident it will remain one.”
The Board is in the process of developing new strategies for increasing the number of both equity and non-equity members, and many exciting opportunities will be available for golf-lovers throughout northern Nevada to experience the tremendous and exciting challenge of Somersett Golf and Country Club.
For information about Somersett Golf and Country Club membership opportunities, please contact Greg Raleigh at (775) 787-1800, firstname.lastname@example.org, or visit somersettgolfandcountryclub.com. For information about the Somersett community, please contact Debbie Bennington at (775) 746-7222 ext. 314, email@example.com, or visit somersett.com.
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