Parent Company of The Balboa Bay Club & Resort and The Newport Beach Country Club
IRVINE, CA – (May 1, 2012) Eagle Four Partners and Pacific Hospitality Group, LLC (“PHG”) announced today that a purchase agreement has been signed to acquire International Bay Clubs, Incorporated (“IBC”), parent company of the Balboa Bay Club & Resort and the Newport Beach Country Club. Richard H. Pickup and his family members, most of whom are long-time residents of Newport Beach, are spearheading the investment.
The Balboa Bay Club & Resort includes a 160-room resort hotel, as well as a historic private club with a 130-slip marina and 145 apartments set on 15 acres along the scenic Newport Beach Harbor. The Newport Beach Country Club is a private, non-equity golf country club located adjacent to Newport Beach’s famed Fashion Island. The Newport Beach Country Club features a championship 18-hole golf course that is home to the annual PGA Champions Tour’s Toshiba Classic.
“We are pleased to be passing the torch to the Pickup family, Eagle Four Partners, and Pacific Hospitality Group as they navigate the next chapter in the Balboa Bay Club & Resort and the Newport Beach Country Club’s evolution. We are confident that they will honor and preserve the rich history of these iconic properties. We remain grateful to Beverly Ray Parkhurst for her stewardship of these Newport Beach landmarks,” said David Wooten, CEO of International Bay Clubs Inc.
Eagle Four Partners and Irvine-based Pacific Hospitality Group will assume joint management of both properties. With their recent acquisition of Estancia La Jolla Hotel & Spa and the expansion of The Meritage Resort and Spa in Napa Valley, Pacific Hospitality Group operates seven hotel and resorts representing more than 1,770 rooms and 135,000 square feet of indoor conference and event space. Both Eagle Four Partners and Pacific Hospitality Group bring extensive experience in managing luxury hotels and resorts along with private clubs and golf courses.
“We are very proud to have this opportunity to add the Balboa Bay Club & Resort and the Newport Beach Country Club to our portfolio. We recognize the importance both these prominent assets have within the Newport Beach community and beyond,” said Kory Kramer, vice president of acquisitions and development of Pacific Hospitality Group.
“We plan to continue to embrace and hold true to the rich history and legacy of these fine properties while looking at exciting future enhancements to the Balboa Bay Club & Resort and the Newport Beach Country Club,” said Kevin Martin, principal of Eagle Four Partners. “We want to assure the members of the Newport Beach Country Club and the Balboa Bay Club, that we will be excellent stewards of these assets and will consider all options for improvements to the golf course and hotel/club facilities,” added Martin.
“We are very excited about the opportunity to share in the tradition of managing these iconic properties. Both the Balboa Bay Club and the Newport Beach Country Club are a perfect complement to our expanding portfolio of high-quality, full-service conference/leisure and lifestyle assets,” said Timothy Busch, CEO of Pacific Hospitality Group.
The transaction is expected to close in approximately 60 days and the terms of the sale will not be disclosed.
About Eagle Four Partners
Eagle Four Partners is an Irvine-based private equity group specializing in hotel, golf, and other real estate investments. Eagle Four Partners actively asset-manages a portfolio of investments including Estancia La Jolla Hotel & Spa.
About Pacific Hospitality Group, LLC
Founded in 1997, Irvine-based Pacific Hospitality Group, LLC (“PHG”) maintains a long-term strategic vision and a strong sense of core values as guiding principles for its business success. PHG manages, develops, finances, and owns hotel assets located in California including the newly acquired, Estancia La Jolla Hotel & Spa and the recently expanded The Meritage Resort and Spa in Napa Valley. PHG successfully operates its hotels by consistently growing revenue while effectively managing costs, thereby maximizing each hotel’s NOI. By using a cluster strategy, PHG is committed to growing its market share and adding value to its portfolio through renovations, repositioning and expansion. To further this goal, PHG enjoys excellent relationships with major lodging companies including Hilton, Intercontinental Hotels Group and Preferred Hotel Group.
About International Bay Clubs, Inc.
International Bay Clubs, Incorporated (“IBC”) in Newport Beach, CA is a private company. It was established in 1971 and is incorporated in the State of California. IBC owns two subsidiaries, which include: 1) Balboa Bay Club, Inc. and 2) The Newport Beach