Golf Services - Success Stories

Walters Golf Management Portfolio - Estate Appraisal

• Study Type: Estate Appraisal
• Location: St. Louis Metropolitan Area
• Client: Walters Golf Management

Walters Golf Management is a home grown management company that has expanded from its initial redevelopment of the Bogey Hills golf course to the ownership and management of nine courses in the St. Louis metropolitan area. Walters has grown into one of the premiere management companies in St. Louis.

The assignment for HVS Golf was to perform an estate appraisal for five of the facilities in the portfolio. The appraisal focused on determining the use value of the properties, which required in depth financial analysis of each of the facilities cash flow and the application of judicious adjustments to these income streams.

The assignment was particularly challenging due to the varied nature of the properties. They include:

• The Missouri Bluffs, a Tom Fazio Designed upscale daily fee golf course that is part of the University of Missouri Research Park.
• Whitmoor CC, a full service membership club with 36 holes that is integrated into a residential community.
• Gateway National, a Keith Foster designed upscale daily fee golf course that was developed as a stand alone facility.
• Bogey Hills CC, an established Country Club located in the heart of St Louis.
• The Golf Club of Wentzville, a new stand alone golf course affiliated with a suburban residential development.

Interesting facets of this assignment include the valuation of lot allocations from residential development, valuing the liability of varied refundable memberships, the valuation of parking revenues at a facility and the valuation of a leased fee estate.