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Subject: TNM

Luxury Residential Developer Selects Concert Golf Partners as Long-Term Private Club Successor

FORT MYERS, Fla., Oct. 6, 2022 /PRNewswire/ -- Concert Golf Partners ("Concert Golf"), is pleased to announce the acquisition of its 27th private club, The Club at Renaissance from the Worthington Group partnership, which developed this prestigious, low-density gated community in 2003 with only 386 homesites on over 500 acres.

Arthur Hills was hired to design the 18-hole championship golf course, which GolfWeek named as one of its Top 40 New Courses in 2005. The 36,000-square foot Mediterranean clubhouse and Spa & Fitness Club complex was designed by David Humphrey, the Naples architect who designed Grey Oaks and numerous other top clubhouses. Renaissance has garnered accolades for its architecture and design, along with its unique 18-hole, par 3 short course (dubbed "The 54") woven throughout the existing par-72 layout. "We sought to develop a club with an exceptional experience and club culture compelling to each member of the family," said Brian Rigsby, Co-Owner. He continued,"...as I'll remain intimately involved in the community by retaining our real estate operation, it was vitally important to me that we identified the right cultural fit for the club & community and that's what we found in Concert Golf." The Club at Renaissance has been thriving and debt-free for most of its 20+ year existence, anchoring a successful residential community that is nearly sold out. The past few years have set records for club membership and revenues, while the developer group has sought to maintain its exclusive feel and to continue investing in the amenities of the club. In 2020, Worthington unveiled "Renaissance 2.0," a club-wide overhaul, which included a new pool bar and outdoor dining patio, golf performance academy, fire pit, bocce ball, pickleball courts, and more.

"As we contemplated the forthcoming capital investments, coupled with the fact that we were approaching sell out of the real estate ? we re-engaged with the team at Concert Golf after having been introduced a few years earlier by a private club consultant," said Jeff Darragh, founder and partner. The Worthington partnership sought liquidity on their investment, while preserving their strong reputation as they refocused their time and energy on their core business of real estate development. "We are an ideal solution for successful developer groups like Worthington," said Concert Golf CEO Peter Nanula. "Each partner achieved their financial goals, and they were all able to leave their beloved Club at Renaissance in the hands of a boutique club hospitality firm with the resources and commitment to preserve what is special about Renaissance." Rodney Poole, the managing partner of Renaissance, continued "We worked exclusively with Concert Golf to craft a transaction and a transition for our club and community that would ensure a long-term future for Renaissance in keeping with our vision." "We are excited to enter the greater Fort Myers/Naples market, one of the fastest growing population centers in the country. The time we spent with the owners listening to their concerns and hopes for the Club's future and collaborating on how to execute a seamless transition proved to be invaluable," said Matthew Hobbins, Vice President at Concert Golf. "Brian and Rodney spent a considerable amount of time visiting other clubs in our portfolio, and by engaging with our members and staff, they came away reassured that we were the right partner for Renaissance. This is not a decision that club owners take lightly; this often represents years, sometimes decades of persistence and dedication that they are entrusting to another."

This acquisition continues the recent trend from Concert Golf of partnering with developers and private owners to acquire highly successful clubs and ensure that the club will thrive for years to come. Susan Dunnavant, COO of Concert Golf added, "Renaissance fits nicely within our growing portfolio, and we look forward to joining forces with the existing staff who will now have greater opportunities for professional development, access to best-in-class training, and increased responsibilities for those who seek them. The existing staff are always a key ingredient to our success, as they know the membership best and are often champions of the special culture we are seeking to preserve."

Concert Golf Partners is a boutique owner-operator of top private golf and country clubs, formed in 2011 by Peter Nanula, the founder and CEO of Arnold Palmer Golf Management in the 1990s, and Chief Operating Officer Susan Dunnavant. Concert Golf has amassed $250 million of patient, long-term equity capital to invest in private clubs. Concert Golf is also unique for its track record of preserving the identity and traditions of historic clubs. Concert Golf's boutique collection of upscale clubs now numbers 26 nationally, including both formerly developer-owned clubs like The Club at Longview in Charlotte and Gaillardia Country Club in Oklahoma City as well as longtime member-owned clubs such as White Manor Country Club in Philadelphia and The Muttontown Club on Long Island.

SOURCE Concert Golf Partners

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