Three Michigan Resorts Up for Sale

Six 18-hole championship golf courses, the centerpieces of three resort complexes in Michigan - two in Gaylord and one in Manistee - are being offered individually for sale in a bid auction to be conducted by CBRE Auction Services on October 5th.

Paul Galanis and Douglas Johnson, managing directors of Chicago-based CBRE Auction Services, are spearheading the marketing initiatives for the sealed-bid auction of the Ostego Club, Black Forest at Wilderness Valley, both in Gaylord, and Manistee National Golf and Resort in Manistee. The seller and owner of all three resorts is directing the sale of its non-core assets to streamline their portfolio.

"Each of these properties featuring distinctively-designed, signature golf courses offer investors a rare opportunity to acquire some of Northern Michigan's most beautiful, meticulously-maintained destination resorts at your price," noted Mr. Galanis. "We anticipate tremendous bidder interest in this singular opportunity to acquire one, two or all three resorts, equipped with their respective lodging/convention/ski resort and clubhouse amenities."

"Osprey's strategic plan to focus on its various core commercial property interests has sparked the sale," said Johnson, "and it has determined that the auction process is the most effective way to offer these exquisite properties."

The Ostego Club, Gaylord

Opened in 1939, the 1,100-acre Ostego Club offers two 18-hole golf courses. The Tribute, designed by Rick Robbins and PGA Tour Veteran Gary Koch, meanders over the rolling hills and valleys in Michigan's famous Sturgeon River Valley and was recently named No. 8 Best Public Course in Michigan by Michigan Golf Magazine. Ostego's second course, The Classic, designed by one of the country's top architects at the time, William H. Diddel, features some of the fastest and finest greens in the state.

A year-round resort, in wintertime Ostego transforms into a snowy wonderland offering a ski club with 28 runs and five chair lifts, and a snowboard terrain park. It is the oldest private ski club in the country and was host to 14 snowboarding teams for training prior to the 2010 Olympic Games. The club is home to a 22-foot half-pipe and other professionally designed terrain features, making it the best terrain park in the Midwest. The property also contains two full-service restaurants, the Pontresina Steakhouse and the Duck Blind Bar & Grille, in addition to three other bar venues for food & beverage service and a 400-seat conference center.

Black Forest at Wilderness Valley, Gaylord

Black Forest, an 18-hole course designed by renowned golf architect Tom Doak, and it sister 18-hole Wilderness Valley, designed by former Ryder Cup team member Al Watrous, occupy 360 acres in a remote and secluded part of northern Michigan. Black Forest was ranked the fifth Best Public Course in Michigan by Golfweek Magazine and offers five sets of tees, with USGA Slope ratings varying from 127 to 145.

Wilderness Valley, considered less challenging but a very popular, appeals to golfers of all skills. The clubhouse's Osprey Grille, renovated in 2004, features a 1,000-square-foot deck overlooking the first and 10th tees. Also a year-round destination, the resort is a major destination for snowmobilers.

Manistee National Golf and Resort, Manistee

Manistee's contains two 18-hole layouts. Cutter's Ridge, designed by Jerry Matthews has one of the highest Slope ratings in the state, is considered a premier destination for avid and experienced golfers. The second course, Canthooke Valley, which meanders through hardwoods and a pine forest and was designed by Gary Pulsipher, welcomes all skill levels. Manistee National can also accommodate up to 65 guests in the complex, and has 42 luxury rooms and an indoor and outdoor pool facility.

The properties will be sold in a sealed bid auction format. The sealed bid deadline is October 5th at 4 p.m. EDT. An initial earnest money deposit of 5 percent of the total purchase price is required to participate. The Otsego Club will be available for inspection at 1:00 p.m. EDT on September 8th, 14th and 21st.

Black Forest at Wilderness Valley will be available for inspection at 10:00 a.m. EDT on September 9th, 15th and 22nd. The Manistee National Golf Resort will be available for inspection at 3:00 p.m. EDT on September 9th, 15th and 22nd.

Bids should be submitted to the Michigan Golf Courses Auction Manager 311 S. Wacker Drive. Suite 400, Chicago, IL 60606.

For more information about the auction, terms of sale, or a brochure, prospective purchasers should call CBRE Auction Services at 800/815-1038.

The above report was provided by CBRE.