Japanese Acquire 2 More Golf Courses
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PALM SPRINGS — Japanese companies have purchased two desert resort golf courses in separate deals totaling $27 million, people involved in the deals say.
The courses are the Rancho Mirage Country Club, which was purchased by real estate investment concern GGS of Tokyo for $14 million, and the Desert Dunes Country Club, which was purchased by Hogyokudo California Ltd., an affiliate of Hogyokudo Co. of Japan, for $13 million.
Japanese investors have bought more American golf properties in recent years. Analysts say Japanese interest stems from their passion for golf and the belief that Americans will begin playing golf in greater numbers as baby boomers age.
The Rancho Mirage property was sold Friday by Woodhaven Management, which is owned by David Miller, the founder of the Miller’s Outpost retail chain.
California Pacific Resorts owner George Mooney said his company will manage Rancho Mirage.
Desert Dunes also was sold Friday. The seller was Desert Dunes L.P., of which Barnhard Group is the general partner, said Ken Ohara, a real estate agent with MRI Realty, which brokered the deal.
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