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| DALLAS, July 19, 1999 - ClubCorp, the world�s largest
owner and operator of private clubs and golf resorts, announces today that
its resorts division has acquired the management contract for Palmilla,
an oceanfront property on the Sea of Cortez in Los Cabos, Mexico.
GS Emerging Market Real Estate Fund L.P. retains ownership of Palmilla. ClubCorp Resorts assumed management of Palmilla effective July 1, 1999. Palmilla, often called the �Jewel of Baja,� sits on 900 acres on the southern tip of the Baja peninsula that is lush with palm trees, graced with hacienda-style architecture, and is masterfully planned. The resort is home to the Jack Nicklaus-designed Palmilla Golf Course, site of the Senior PGA Tour/Senior Slam in 1997. An expansion is underway, with the Ocean Nine, which will bring the total number of holes to 27. The resort�s accommodations recently were renovated and now total 115 large, luxuriously-appointed suites, villas and haciendas. A 45-room expansion is being designed at this time, and will continue as planned under ClubCorp Resorts.
ClubCorp has more than a decade of experience in Mexico. The company owns Club de Golf Marina Vallarta in Puerto Vallarta and operates Pok-Ta-Pok Club de Golf Cancun. The company also owns and operates The Owners Club at Marina Vallarta, an innovative concept of vacation home ownership. Currently under construction in the foothills overlooking the bay in Puerto Vallarta is La Vista Vallarta, a joint venture development that will contain two signature championship golf courses designed by Jack Nicklaus and Tom Weiskopf, respectively. Construction will commence July 30 on Isla Maya, the first and only mixed-use resort, golf and real estate development on the historic island of Cozumel. This joint venture project has an anticipated opening of fall 2000. ClubCorp Resorts also owns and operates Pinehurst in the Village of Pinehurst, North Carolina, site of the 1999 U.S. Open; The Homestead in Hot Springs, Virginia; Daufuskie Island in Hilton Head, South Carolina; and Barton Creek in Austin, Texas. Founded in 1957, Dallas-based ClubCorp has $1.4 billion in assets and is the world leader in delivering golf, private club and resort experiences. Internationally, the ClubCorp and Palmilla company owns or operates more than 230 golf courses, country clubs, private business clubs and resorts, with more than 23,000 employees. |
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�We�re
excited about this opportunity in Mexico, which strengthens our presence
in the resort market,� said Robert Dedman, Jr., president and CEO of ClubCorp.
�With remarkable golf and historic facilities, Palmilla is a great addition
to the ClubCorp family.�