I over heard my grandpa made a remark one time in reference to a gentleman who he had been talking for several hours. ‘The guy was talking to be talking’ as he put it and he referred to the misguided gentleman has being ‘All Hat and No Cattle’, meaning he had more money than he knew what to do with it and was in the wrong business to be doing anything with it.
Well this remark holds true here with what new CEO of CCA, Eric Affeldt said in the report that Ronnie Musslewhite made in his article published at Golf Business.com on The Changing Face of ClubCorp. All talk and no plan is still the conclusion here.
There was mention of CCA moving their crown jewels, Barton Creek and Homestead, to the KSL’s Resort division and remarks on what is being talked about in the industry about selling off properties as being ‘premature’. The report or Mr Affeldt still does not say what they are going to do with the 50 year old properties that are in desperate need of a complete facelift. From the information I am being furnished, it is going to take more than the cost of the total sale price of this deal to bring just a few of these properties up to snuff, much less to the level the memberships deserve.
I am sure there is more to come, so we will just have to see what Santa brings us in the next few weeks.