Fota Resort taken over by Chinese Family

Dbu

http://www.irishexaminer.com/breakingnews/business/chinese-investors-secure-280-jobs-at-fota-608266.html

Good to see jobs being secured, but I wonder what are the long term plans........
Seems an unusual choice of location for Chinese investment?
any thoughts?

charlieIRL

great to see another course away from Nama, as long as it stays as a golf course!

peepee

Seems an unusual choice of location for Chinese investment?
any thoughts?

The resort as a whole is profitable, golf course has relatively few members so upside there. With the extra 9 holes can generate good green fees. Comes with 80 houses, excellent training centre/pitch for teams. Modern hotel. Its close to Cork city. If anything its a no brainer to run as is and sell on down the line.

seamus

It's a fantastic resort, very close to Cork city and the island itself is a beautiful place. It's not hundreds of miles in the middle of nowhere.

Debt was probably the original owners' problem moreso than getting the bookings in, so as a debt-free acquisition by these investors it can easily turn a profit.

Dbu

seamus wrote: »

It's a fantastic resort, very close to Cork city and the island itself is a beautiful place. It's not hundreds of miles in the middle of nowhere.

Debt was probably the original owners' problem moreso than getting the bookings in, so as a debt-free acquisition by these investors it can easily turn a profit.

Yes agree it was a good buy, if I had 20mil myself i would have bought it:D
I just hope that it will remain a golf course, and not become a 'private estate' for the personal use of the new buyers.. (which they are quite entitled to do)

big_drive

Wonder will there be any drop in membership fees to attract new members?

hades

big_drive wrote: »

Wonder will there be any drop in membership fees to attract new members?

Nope.

Apparently they had a decent amount of applications for the €5k membership in the last few months, so it won't be dropping anytime soon.

As was mentioned to me, if you can stomach the first year, its €1800 a year afterwards with all your competition fees paid for, excluding the captains and presidents prize. So if your an avid competition golfer, the membership becomes cheaper.

ssbob

peepee wrote: »

The resort as a whole is profitable, golf course has relatively few members so upside there. With the extra 9 holes can generate good green fees. Comes with 80 houses, excellent training centre/pitch for teams. Modern hotel. Its close to Cork city. If anything its a no brainer to run as is and sell on down the line.

Aswell as the 80 houses supposedly there is planning for another 180 there aswell. From what I hear there is a plan to run it as it is with extra business coming from wealthy Chinese tourists using it as a private retreat.

Great news that it's staying open!

Miley Byrne

I saw something on twitter yesterday about the new owners hoping to bring an "international golf event" back to Fota. Can't remember who tweeted it but I'll see if I can find it.

RT @hospitality_irl: @fotaisland #hotel says it plans on bringing an international #golf tournament to the grounds #news #sport...

Dbu

denisoc16 wrote: »

I saw something on twitter yesterday about the new owners hoping to bring an "international golf event" back to Fota. Can't remember who tweeted it but I'll see if I can find it.

RT @hospitality_irl: @fotaisland #hotel says it plans on bringing an international #golf tournament to the grounds #news #sport...

The HSBC would be a nice one

superhooper

An Irish Open??

big_drive

I'd say the European tour would be all for it considering their losing so many tournaments. If the Chinese have the money to make it happen I'd say its a real possibility

soundsham

Could be a big boost for Wan Fu in Cobh

big_drive

Have Fota had their AGM yet?

Any changes there as a result of the new owners?

Tweaky

big_drive wrote: »

Have Fota had their AGM yet?

Any changes there as a result of the new owners?

The AGM was on Wednesday night. Haven't heard anything about it yet.

A New earth

http://www.irishexaminer.com/sport/gaa/fota-closes-in-on-irish-open-252197.html

big_drive

Question regarding Fota. Would the 27 holes be open to members to play all the time or do they only open 18 on any given day and rotate it to rest 9 holes each time

Corkblowin

big_drive wrote: »

Question regarding Fota. Would the 27 holes be open to members to play all the time or do they only open 18 on any given day and rotate it to rest 9 holes each time

Generally all 27 are open. They usually rotate the courses on a 3 week rota but its all messed up this year due to the open:

Week 1 - holes 1-18
Week 2 - holes 10-27
week 3 - holes 19-9
Week 4 - holes 1-18

They also have morning and evening courses for people to get in 18 - so for example if 1-18 is the main course for the day and the first tee time is 8.00 - you can play holes 10-27 up to 9.30 or so - ie the last group starting on 10 has a hole or 2 head start on the first group coming around to play their back 9.

Then in the evening, if the last slot on the main course is 6.00 you can start on the 19th around 4.00 / 4.30 and get holes 19-9 in. During the day you can usually go out on the 9 not in play unless they're closing it for maintenance.

Works pretty well and no problems yet anyway!

big_drive

Thanks, i've heard there has been a big number of people joining. I use the academy there and find it great.