FM PROPERTIES SELLS BARTON CREEK COUNTRY CLUB AND CONFERENCE RESORT.NEW ORLEANS--(BUSINESS WIRE)--Aug. 22, 1996--FM Properties Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FMPO) announced today that it has sold its Barton Creek Barton Creek is one of the tributaries that feeds the Texas Colorado River from the Texas Hill Country. The creek passes through some of the more scenic areas in the Austin region and forms a greenbelt that is the habitat for many indigenous species of flora and fauna. Country Club and Conference Resort for $25 million cash and other consideration to an affiliate of ClubCorp International of Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . The club and conference resort properties, which had been operated by an affiliate of ClubCorp under a long-term lease agreement with a purchase option, consist of the Barton Creek Country Club, Spa and Conference Center located near Austin, Texas along with its Tom Fazio Tom Fazio (born February 10, 1945) began his career in golf course design in the suburban Philadelphia and has created, considered by many, some of the most visually attractive golf holes in the world. and Ben Crenshaw designed golf courses. Also included is the Barton Creek - Lakeside Country Club The Lakeside Country Club is a hotel, entertainment and leisure complex in Frimley Green near Camberley in Surrey. It is most famous as being the venue of one version of the World Professional Darts Championship. and its Arnold Palmer designed golf course northwest of Austin on Lake Travis. The $25 million cash payment was made to FMPO on August 21, 1996. Other consideration includes a substantial number of memberships in the Barton Creek Country Club with a value of $3 million, which will be used by FMPO in marketing its remaining 2,900 acres of undeveloped land in the Barton Creek Project. FMPO will report no significant financial accounting gain or loss on the sale. Richard C. Adkerson, Chairman of the Board of Directors and Chief Executive Officer, said, "The sale of the Barton Creek Club to ClubCorp, which has operated the club since we acquired the property, allows us to focus on our primary business of land development and marketing at Barton Creek, the adjacent 500 acre Lantana lantana (lăntā`nə): see verbena. lantana Any of more than 150 shrubs that make up the genus Lantana in the verbena family, native to the New World and African tropics. development and our other holdings in Austin, Dallas, Houston and San Antonio. This transaction achieves substantial further progress on our objective to reduce FMPO's debt, which was originally $500 million and is now approximately $70 million. Our arrangements with ClubCorp, a nationally recognized operator of high quality golf resorts, ensure that the Barton Creek resort will continue as a valuable amenity associated with our future residential and commercial real estate development activities." FMPO is engaged in the development and marketing of real estate in the Austin, Dallas, Houston and San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. areas. CONTACT: FM Properties Inc., New Orleans Chris D. Sammons, 504/582-4474 Craig E. Saporito, 504/582-4476 |
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