Coral Hospitality execs buy Fort Myers golf club

BUYER: CH5-Eagle Ridge LLC (manager: Christopher Schaeffer), Naples
SELLER: Redus FL Properties LLC
PROPERTY: 14589 Eagle Ridge Drive, Fort Myers
PRICE: $1.87 million
PREVIOUS PRICE: $4.3 million, December 2005
LAW FIRM ON DEED: Shutts & Bowen LLP, Tampa

PLANS, DESCRIPTION:
Some of the members of the Coral Hospitality executive team purchased the 128.76-acre Eagle Ridge Golf Club for $1.87 million.

The price equated to $14,484 per acre.

The golf club includes a 6,500-yard, 18-hole golf course, pro shop, clubhouse and golf course maintenance facilities.

The most recent seller, Redus Properties Inc., is a former Wachovia Bank subsidiary and now part of Wells Fargo Bank. Wachovia Bank foreclosed on the property in February 2012 from Tampa CT Eagle Ridge LLC. That marked the second time that a Wells Fargo Bank affiliate has owned the course.

Wells Fargo Bank Minnesota previously took ownership of the golf club property from Kollstar Eagle Ridge Golf and Tennis Club LLC in October 2000 and held it until the sale to CT Eagle Ridge LLC in December 2005 for $4.3 million.

Coral Hospitality, which is a Naples-based hospitality management and investment firm, will manage the golf club. Founded in 1988, the company manages hotels, resorts, golf clubs, residences and spas. It currently owns eight golf courses in Florida and Georgia.

Lee Weeks of Coral Hospitality says the firm will be installing its management systems at the course and plans to execute an aggressive course improvement plan immediately. It also expects to introduce new membership offerings, upgrade the clubhouse and make other course improvements.

CH5-Eagle Ridge LLC mortgaged the property to Capital Bank NA for $1.15 million.