The King and the Mouse
The Walt Disney Co. (NYSE:DIS) and Arnold Palmer Golf Management have signed a 20-year agreement to have the King’s company mange and promote Walt Disney World’s five golf courses located at the suburban Orlando, Fla. resort. Disney’s deal with Palmer takes the Mouse completely out of the very competitive centralFloridagolf market substituting an ongoing lease payment from Palmer Golf.
Disney has had a long standing business strategy of leasing hotel, restaurant and concession locations to outside companies. As part of the lease agreements lessees are contractually required to provide services and products meeting standards set by Disney.
As part of the new deal over the next two years Palmer and his course architects will take on a renovation of the Disney’s Palm course.
Arnold Palmer Golf Management, based inAddison,Texas, is owned by Century Golf Partners and the Disney courses will be added to the 70 private clubs in its portfolio. They will be promoted within the Palmer Golf network with a website and in the “Kingdom Magazine” published by the company.
Walt Disney World, which attracts about 50 million visitors per year, has been pulling back from operating golf courses at the resort since it became apparent there were too many courses and too few golfers in theOrlandoarea. The first move in implementing that policy was back in 2007 the well regarded Eagle Pines course (Pete Dye 1992) was closed. The land is now a residential development that upon build-out will have 450 multiple-million dollar homes.
The Waldorf Astoria hotel also operates a golf course on Disney property, a Rees Jones design opened in 2010.
ThePGATour’s Children’s Miracle Network Hospital Classic played on Walt Disney World’s Palm and Magnolia courses for 41 years, is part of the Tour’s Fall Finish. There is no word what affect if any the deal with Palmer Golf will have on the Tour stop though Palmer does already have a Tour event annually at his nearby Bay Hill golf course, the Arnold Palmer Invitational.
Golfsmith to South Korea
Golf retailer Golfsmith International will open retail outlets in the fastest growing golf market in the world,South Koreain partnership with GOLFZON Co. which specializes in indoor golf simulators.
Golfsmith says profits from this venture will be reinvested back into retail operations in theUnited States.
The majority of golf inSouth Koreais played on indoor simulators and GOLFZON with 4,000 screen commands 84% of the market. Plans are for GOLFZON to operate Golfsmith stores at the simulator locations.
Tiger’s moves
Tiger Woods has moved to his new $54.5 million home built on the ocean onJupiter Island,Fla. and reports in the Palm Beach Post say his company ETWCorp. will move as well.
Woods lived formerly in the Isleworth development outsideOrlandoand according to public records he has not sold his home there. ETWCorp. will occupy space in an office building formerly the headquarters of Greg Norman’s companies.
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