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Business Evaluation of Proposed Redevelopment of Orangebrook Golf & Country Club

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Business Evaluation of Proposed Redevelopment of Orangebrook Golf & Country Club Business Evaluation of Proposed Redevelopment of Orangebrook Golf & Country Club Prepared For: City of Hollywood, FL David Vazquez, Director of Parks & Recreation 1405 S. 28th Avenue Hollywood, FL 33020 Prepared By: 501 N. Highway A1a Jupiter, FL 33477 (561) 744-6006 July, 2018 Business Evaluation of Proposed Redevelopment of Orangebrook G&CC Table of Contents GENERAL LIMITING CONDITIONS ...................................................................................................1 INTRODUCTION & PURPOSE...............................................................................................................1 EXECUTIVE SUMMARY ........................................................................................................................2 Introduction and Purpose ......................................................................................................................2 Situation Analysis .................................................................................................................................2 Golf Course Condition Issues – Spring 2018 ...............................................................................................2 Recent Operating Results .............................................................................................................................4 Golf Market Overview..........................................................................................................................5 National Golf Industry Overview.................................................................................................................5 Local / Regional Market...............................................................................................................................6 External Factors Summary ...........................................................................................................................8 Proposed Redevelopment Plan For Orangebrook G&CC.....................................................................9 Preliminary Capital Cost Estimates............................................................................................................10 Recommended Market Positioning ............................................................................................................13 Maintenance Budget & Equipment ............................................................................................................13 Financial Impact of Improvements .....................................................................................................14 Market Opportunity Conclusions ...............................................................................................................14 Cash Flow Model Assuming Recommended Improvements......................................................................15 Summary Statement ............................................................................................................................16 SITUATION ANALYSIS.........................................................................................................................18 Facility Overview................................................................................................................................18 Site Overview.............................................................................................................................................18 Inventory of Facilities.................................................................................................................................20 Golf Course Condition Issues – Spring 2018 .............................................................................................21 Summary of Maintenance Conditions ........................................................................................................23 Administration and On-Site Management...........................................................................................24 Management Agreement ............................................................................................................................24 Staffing .......................................................................................................................................................24 Current Pricing / Market Positioning ..................................................................................................24 NGF Observations on Current Pricing .......................................................................................................25 Recent Operating Results....................................................................................................................26 Summary Findings .....................................................................................................................................26 Capacity & Utilization ........................................................................................................................27 Demand Variation by Time of Day and Season..................................................................................27 GOLF MARKET OVERVIEW...............................................................................................................28 National Golf Industry Overview........................................................................................................28 Key Trends in Demand...............................................................................................................................28 Golf Course Supply....................................................................................................................................29 Other Measures of Health...........................................................................................................................29 Local / Regional Market......................................................................................................................30 Defining the Orangebrook G&CC Primary Trade Area.............................................................................30 Demographic Analysis ...............................................................................................................................31 Key Climate and Economic Factors ...........................................................................................................31 Estimated Local Market Demand...............................................................................................................33 Local Golf Supply ......................................................................................................................................34 Orangebrook G&CC Competitive Market ..........................................................................................36 Competitive Facility Location Maps ..........................................................................................................37 Primary and Secondary Competitors – Pricing Comparison & Activity Levels ........................................39 Key Findings – Competitive Market ..........................................................................................................41 Benchmark Comparison of Area Municipal Golf Operations ....................................................................42 Summary Renovation Case Studies............................................................................................................42 External Factors Summary..................................................................................................................47 PROPOSED REDEVELOPMENT PLAN FOR ORANGEBROOK GOLF & COUNTRY CLUB.48 Identifying Appropriate Improvements...............................................................................................48 General Framework for Decision to Undertake Major Renovation............................................................49 Long Range Master Plan Approach to Capital Improvements ...................................................................50 Capital Cost Estimates for Proposed Redevelopment Plan.................................................................51 “Mission-Critical” – High Priority Capital Needs......................................................................................52 Other Short-Term Capital Needs (est. 3 – 5 Years)....................................................................................52 Full Redesign and Renovation....................................................................................................................53 NGF-Recommended Pricing / Market Positioning .............................................................................54 Maintenance Budget & Equipment.....................................................................................................55 FINANCIAL IMPACT OF IMPROVEMENTS....................................................................................56 Market Opportunity Conclusion .........................................................................................................56 Support for Projections...............................................................................................................................56 Potential Threats / Mitigating Factors Relative to Projections ...................................................................57 Cash Flow Model For Redeveloped Orangebrook G&CC .................................................................58
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