SOURCE: Onion Creek Club LP

May 02, 2006 10:47 ET

Austin Group Buys Prestigious Onion Creek Club

AUSTIN, TX -- (MARKET WIRE) -- May 2, 2006 -- An Austin-based, private club management and investment group purchased the historic Onion Creek Club today for an undisclosed amount. The investors, operating as Onion Creek Golf Group LP, specialize in acquiring and revitalizing leading private country clubs in Central Texas.

Onion Creek Club, anchored by the Onion Creek subdivision, is within 10 minutes of downtown Austin. Onion Creek Golf Group plans to build on the club's history, expand member services and reach the growing communities in South Austin.

The management and investment group, also operating as River Place Golf Group LP, includes partners Steven Held, Joel Katz and Todd Routh. The partners, led by Held, managing partner, currently own River Place Country Club, a renowned 18-hole championship golf course in Northwest Austin. Membership at the club has risen to an all-time high of 800 members since its purchase in June of 2003.

Onion Creek has 27 holes, including 18 designed by three-time Masters Champion, Jimmy Demaret, and nine new holes designed and integrated into the course by Austin legend Ben Crenshaw.

"It truly is a special place. Avid golfers and beginners alike enjoy the challenge and subtleties offered at this legendary club," Held said. "Our approach when taking over ownership of a club is to meet with the members, evaluate their needs, and based on their input, focus on improving their overall experience. We're excited about Onion Creek's future and our growing portfolio of distinctive private clubs."

Onion Creek's distinctions include being the birthplace of the Senior PGA Tour, today known as The Champions Tour, and hosting The LPGA Harvey Penick Invitational from 1999 to 2001. The club also features a Jr. Olympic swimming pool, state-of-the-art fitness center, six tennis courts, elegant dining, and golf and tennis camps for kids.

Current members at both Onion Creek and River Place, and their first 75 new members, will have golf and other privileges available to them at their home club and new "sister club."

Held has over 25 years experience managing some of the most nationally renowned country clubs in the United States. Katz is former chief financial officer of Austin-based software company Vignette Corp., and Routh is a well-known commercial real estate developer and investor in Central Texas.

About River Place Golf Group, LP and Onion Creek Golf Group, LP

River Place Golf Group, LP and Onion Creek Golf Group, LP are led by an Austin-based, private club management and investment group. The company's mission is to acquire and revitalize leading private country clubs in the Hill Country market. The partners are committed to creating premier golf and family clubs that offer exclusive, distinctive and multifaceted amenities for members.

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