Royal Oaks Country Club
Dallas, Texas

As an integral part of the loan underwriting for Bank One Corporation, Joseph A. Dengel & Company prepared a market value appraisal of this 650-member golf facility located in Dallas, Texas.  Royal Oaks is a member-owned equity club that was originally constructed in 1969 and underwent a major rehabilitation and expansion in 1985.  The development includes a high quality, traditional style 18-hole golf course designed by Don January and Billy Martindale, a 56,000 square foot clubhouse, an Olympic-size swimming pool, indoor and outdoor tennis courts, and some excess land.  The valuation of Royal Oaks required a thorough review of the country club by-laws, an analysis of 15 different "equity" and "non-equity" membership categories, an assessment of a variety of food and beverage operations, a projection of future initiation fees and redemptions, plus a review of upscale country club developments situated in the competitive market.  All three fundamental approaches to value (cost, income capitalization and sales comparison) were utilized in the appraisal of Royal Oaks CC with the resulting valuation used to support the collateral value of a new loan.

Tour 18 Golf Clubs
Flower Mound and Humble, Texas

Joseph A. Dengel & Company performed an extensive market analyses and valuation of two, 18-hole daily fee golf courses located in suburban markets of Dallas and Houston, Texas.  The appraisal reports were prepared for the loan department of Credit Lyonnais and were used to underwrite the acquisition of the two golf developments by Arnold Palmer Golf Management LLC.  Both Tour 18 facilities include Championship-quality, 18-hole layouts featuring replications of some of the most famous golf holes in the United States.  The valuation of the Tour 18 developments required the assessment of extensive food & beverage service operations, a review of atypically high merchandise sales, and an analysis of approximately 60,000 rounds per annum which resulted in extensive course maintenance requirements. The assignment also necessitated the review of over a dozen competitive golf developments in the Dallas and Houston markets that accommodate extensive tournament play, corporate outings and specialty events.  Finally, sales of other high-end golf facilities were confirmed and analyzed in such diverse locales as Las Vegas, Santa Barbara, Palm Beach and San Antonio.  Arnold Palmer Golf completed the acquisition of the Tour 18 facilities in late-1988 as a result of this valuation.

Consulting Assignments

Squaw Valley Golf Club
Somervell County, Texas

Hackberry Partners hired Joseph A. Dengel & Company to provide an assessment of operations for two high-end golf projects located about 45 miles southwest of Fort Worth, Texas.  The client proposed to construct a $40 million, 170-room hotel and conference center and to assume management of the golf operations at Squaw Valley.  The consulting assignment included an assessment of the golf operations "before" and "after" completion of the resort project and required a projection of golf rounds generated by resort guests, green fees and cart operations, food & beverage operations, and pro shop sales.  After performing an extensive survey of 18 high-end golf resorts and upscale golf facilities located throughout the state, Joseph A. Dengel & Company made projections of the probable economic impact of the proposed resort project and an assessment of the financial feasibility.  The assignment culminated in a presentation to the Somervell County Board of Commissioners in a public forum.

Holiday Golf Club
Olive Branch, Mississippi

Joseph A. Dengel & Company was retained by Bristol Hotel & Resorts to prepare a market study of competitive golf facilities for an 18-hole daily fee project located outside of Memphis, Tennessee.  The comprehensive market study included a survey of competing public golf facilities situated in Shelby County, Tennessee and northern DeSoto County, Mississippi, plus an analysis of trends in the local and regional golf markets.  This assignment also included consulting services to determine the cost-benefit ratio for a major renovation project to the golf course.  As a result of the study, ownership expended over $2.5 million in a golf course renovation program which resulted in 25% more golf rounds and a dramatic increase in the average green fees and net operating income for the development.

Tax Consulting

Circle C Golf Club, Austin
Sky Creek Ranch Golf Club, Keller
Silverhorn Golf Club, San Antonio

Joseph A. Dengel & Company provided tax consulting services for Oklahoma Golf Club Partners that netted dramatic savings for three Texas golf courses in 2002.  The portfolio included three high-end, public access courses situated in the major urban markets of Austin, Dallas and San Antonio.   The assignment included an analysis of the real estate, personal property and business entity associated with each development, the implementation of a timely protest, preparation of required data (comparable golf course sales, historical income analysis) to document on over-assessment, and informal or formal presentations before each taxing entity.  The successful appeal of the assessments resulted in a significant reduction in the annual tax expense for each property. 

Balcones Country Club
Austin, Texas

Joseph A. Dengel & Company was hired by Balcones Country Club to provide tax consulting services for this 36-hole, private country club located in Austin, Texas.  The assignment included a review of multiple tax statements and assessments associated with the club, a comparison of the subjectís tax valuation with the assessments of similar private facilities in the competitive market, and detailed presentations to both representatives of the local appraisal district and the Appraisal Review Board.  As a result of the timely appeal and professional protest made by Joseph A. Dengel & Company, Balcones Country Club was able to reduce their annual tax liability by more than 40% on this development

 

Golf Course Brokerage

Eagleís Bluff Country Club
Bullard, Texas

Joseph A. Dengel and William H. Hale brokered the sale of this gorgeous country club along with the associated development property in early-2010. Located in east Texas, the 18-hole golf course and residential community feature breathtaking views from the bluffs overlooking Lake Palestine. Opened in 1999 and designed by Carlton Gibson, the 7,000-yard championship layout was designed by Carlton Gibson and opened for play in 1999 and serves as the centerpiece of the upscale residential community of the same name. The French country style clubhouse at Eagleís Bluff features a resort style golf pro shop, an intimate grill/bar area, plus a private banquet/tournament room which can accommodate over 150 golfers. At the date of sale, there were 385 members of the golf club. The transaction also included over 70 residential lots, 50 villa lots and 90 acres of undeveloped acreage which had been platted for 145 additional home sites.

Houston National Golf Club
Cypress, Texas

Houston National Golf Club is the centerpiece of the 1,800-acre master-planned Stone Gate and Canyon Lakes at Stone Gate residential development located in northern Harris County. The original 18-hole course at Houston National was designed by Robert von Hagge, Smelek & Baril and opened in November 2000. A third 9-hole layout, plus three (3) additional golf holes for a future fourth nine-hole development, was added in 2002. The North and South nines add up to a hefty 7,578 yards from the championship tees while the shortest combination (the North and West nines) measure 7,337 yards. The approximate 20,000 square foot, one and one-half story clubhouse at Houston National houses a full-service golf pro shop, casual and formal dining areas, a bar/lounge, banquet facilities for 300 guests, several meeting rooms with high-tech A/V equipment & technology, plus menís and womenís locker facilities and management offices. William H. Hale and Joseph Dengel sold the Houston National development during the second half of 2010.

Lantana Golf Club
Denton County, Texas

Lantana Golf Club is a ďpureĒ golf facility which is located in a growing upscale residential neighborhood in south central Denton County. As exclusive agents for the developer, Republic Property Group, Joseph A. Dengel & William H. Hale brokered the sale of this prestigious private facility in late-2010. Designed by Jay and Carter Morrish and opened in 2002, the Lantana golf course measures 7,147 yards from the back tees. The Lantana clubhouse encompasses over 20,400 square feet of air-conditioned space which includes a golf pro shop, a bar/grill, a tournament pavilion/banquet room (seating 300), a commercial kitchen and separate banquet kitchen, menís and ladiesí locker and card rooms, plus administrative offices. This exclusive golf facility was marketed, placed under contract, and sold within sixty days of the listing, an incredible feat considering the economic conditions affecting the national and regional economies.

Sienna Plantation Golf Club
Harris County, Texas

William H. Hale and Joseph A. Dengel brokered the sale of this upscale, semi-private golf development in late-2010. The championship-quality golf course serves as the focal point of the highly successful community of the same name. A project of The Johnson Development Corp., the Sienna Plantation golf course was opened in 2000 and was designed by acclaimed architect, Arthur Hills, in collaboration with Mike Dasher. The 7,150-yard layout is built on rolling topography with significant contours added by the designers to create some dramatic elevation changes. The wooded setting includes numerous mature oaks and cedar elms framing fairways that also feature lakes, winding creeks and native areas.



Joseph A. Dengel & Company
6963 Helsem Way
Dallas, Texas 75230
Phone: 972-771-8808
josdengel@sbcglobal.net