SOURCE: Quail West

Quail West

December 09, 2009 13:42 ET

Naples, Fla. Community Bucks the Trend With Debt-Free Transfer of Club Facilities to Members

NAPLES, FL--(Marketwire - December 9, 2009) - In an unprecedented transition in today's real estate market, Naples, Fla.-based Quail West Development Company has announced that 97 percent of club members approved the free and clear transfer of more than $20 million in combined club assets to the member-run Quail West Foundation. Quail West Golf & Country Club is one of the few debt-free clubs and communities in Southwest Florida.

The turnover of foundation control and asset transfer to the members was completed without any payment or cost to members. As part of the turnover agreement, Quail West Development Company will also provide substantial ongoing financial support to the foundation as they develop Quail West in the future.

"The fact that members are taking over the club creates stability for the club and existing and future property owners," said Dennis W. Hillier, a partner at Greenberg Traurig. "The long term success of the club has been ensured by its members." Dennis Hillier specializes in corporate and real estate law with emphasis on the design of club membership programs.

Quail West amenities included in the transfer are two 18-hole Arthur Hills signature golf courses, a 70,000-square-foot clubhouse featuring casual and fine dining facilities, ballroom, wine grotto, full-service spa and beauty salon, pro shops, fitness center, card room, eight lighted red-clay tennis courts and a junior Olympic-sized solarium pool. The clubhouse recently underwent a $15 million renovation along with the addition of a new state-of-the-art golf maintenance facility.

"This is a great day for our club and an important milestone in ensuring the long-term stability and future success of our community," said John Gamba, a foundation board member. "We worked daily for six months to ensure that this transaction was successful."

The development company partnership of local businessmen, three of whom live in Quail West, purchased the community in early 2009. Since acquiring Quail West, the developer has reported $26 million in sales of furnished model homes, resale homes and homesites during the first three quarters of 2009 with $21 million in sales taking place during the last four months.

The community is particularly appealing to today's buyers because all of the community's amenities, including the clubhouse, two golf courses, spa and tennis facility, are owned debt free. Homesites, ranging from one-half to over one-acre, begin in the $300,000s. Visit www.QuailWest.com.

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