YEAR IN REVIEW G O L F & R E S O R T P R O P E R T I E S

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1 YEAR IN REVIEW G O L F & R E S O R T P R O P E R T I E S 2014

2 2014 proved to be a consistent stream of Caribbean, golf, ski and second home land transactions that confirmed the return of a healthy real estate investment market. International buyers, including Chinese investors, closed on several of our listings, which bodes well for the U.S. and international economies. Our golf transactions in 2014 spanned the U.S. and Europe, including the iconic Fairmont St. Andrews in Scotland, Sonoma Golf Club in California, Sand Creek Country Club in Indiana and Thousand Islands Resort in upstate New York. As we move into 2015, several of our golf club and ski resort listings are under contract. We are excited about a full portfolio of marquee assets we will bring to market during the first half of this year. CBRE Golf & Resort Transactions Grizzly Ranch California Altamer Resort Anguilla MAHAUT ESTATE S T. L U C I A EAS TERN C A R I B B E AN Mahaut Estate St. Lucia Thousand Islands New York The golf industry as a whole experienced a surge of sales activity in 2014, with private equity, hedge funds and REITs finally re-entering the space. The recapitalization of Heritage Golf and Troon Golf, plus several landmark portfolio transactions have demonstrated that investors are searching for better yields than can be achieved through conventional real estate investments. In 2015 we anticipate these trends to continue, driven by low interest rates, newly available debt and equity chasing bigger yields. We hope you have a prosperous 2015 and please call if we can ever be of assistance. Cheers! JANUARY FEBRUARY MARCH Bellwether Industry Transactions Jeff Woolson Managing Director CBRE Golf & Resort Properties

3 Antigua Land Portfolio Sonoma Golf Club California Amaryllis Beach Resort Barbados Montaluce Winery Georgia Fairmont St. Andrews Scotland Land Portfolio Antigua Sandy Bay Beach Club Barbados Sand Creek CC Indiana El Conquistador Resort Arizona Bear Valley Mountain California Ranch Club Lots Montana APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER $219 million $265 million $320 million Heritage Golf recapitalized by Tower Three Partners American Golf Portfolio sold to Newcastle Investments Sequoia Golf Portfolio sold to Club Corp CNL Golf Portfolio sold to Arcis Equity Partners Century Golf Portfolio sold to C-BONS International Troon Golf recapitalized by Kohlberg & Company $182.5 million Park City Mountain Resort sold to Vail Resorts $1.95 billion Waldorf-Astoria NY under contract to Angbang Insurance Group $38 million Bear Mountain & Snow Summit sold to Mammoth Mountain

4

5 ALTAMER RESORT SHOAL BAY WEST, ANGUILLA March 2014 Luxury Resort I Developable Land

6 GRIZZLY RANCH LOTS PLUMAS COUNTY, CALIFORNIA February 2014 Developable Land

7 EL CONQUISTADOR RESORT EL CONQUISTADOR COUNTRY CLUB TUCSON, ARIZONA December 2014 Resort Hotel I Semi-Private Country Club (45 Holes)

8 SONOMA GOLF CLUB SONOMA, CALIFORNIA May 2014 Private Country Club

9 THOUSAND ISLANDS RESORT WELLESLEY ISLAND, NEW YORK May 2014 Golf Villas I Developable Land Marina I Golf Course (36 Holes) ANTIGUA LAND PORTFOLIO ST. PETER, ANTIGUA August 2014 Developable Land

10 SANDY BAY BEACH CLUB CHRIST CHURCH PARISH I BARBADOS October 2014 Resort I Developable Land

11 AMARYLLIS BEACH RESORT CHRIST CHURCH PARISH, BARBADOS June 2014 Resort Hotel I Retail Center THE RANCH CLUB LOTS MISSOULA, MONTANA December 2014 Finished Lots

12 FAIRMONT ST. ANDREWS ST. ANDREWS, SCOTLAND August 2014 Luxury Golf Resort (36 Holes) Manor Homes I Developable Land

13 BEAR VALLEY MOUNTAIN RESORT BEAR VALLEY, CALIFORNIA December 2014 Ski Resort MAHAUT ESTATE BELVEDERE, ST. LUCIA March 2014 Developable Land

14 SAND CREEK COUNTRY CLUB CHESTERTON, INDIANA October 2014 Private Country Club (27 Holes)

15 MONTALUCE WINERY & ESTATES DAHLONEGA, GEORGIA July 2014 Vineyard I Winery I Developable Land

16 FOREIGN INVESTMENT IN THE U.S CHINESE INVESTMENT ACTIVITY IN THE U.S Q Trailing 12 ($50 Billion Total Investment) 2009 Through Q Asia Pacific 34% Latin America 6% $6.0 INVESTMENT TRENDS Europe 26% Middle East 12% Canada 22% (Billions) $4.5 $3.0 $1.5 $ Q Sources: CBRE Research & Real Capital Analytics Sources: CBRE Research & Real Capital Analytics From January 2009 through the 3rd quarter of 2014, U.S. commercial real estate investment from mainland China has totaled approximately $12 billion. Of that total, $9.7 billion or 78.4% has been invested since January 2013, illustrating the growing appetite for U.S. properties. Chinese investors have shown a major preference for primary gateway cities like New York, Los Angeles, San Francisco and Chicago. These four markets account for 95.8% of the total investment activity since January 2013, however Chinese investors are beginning to take advantage of opportunities in secondary and tertiary markets such as Phoenix, Baltimore, Tampa, Jacksonville and Hawaii. The preferred asset classes in these markets are multi-family, hospitality and resort properties.

17 HOTEL ASSET VALUE PER KEY GOLF COURSE SALES Historical and Forecasted U.S. Hotel Sales Gross Revenue Multiples 3.5 $300, $250, $200, $150,000 $100,000 $50,000 $ F 2015 F 2016 F Source: PKF Hospitality Research PKF Hospitality Research (PKF) a CBRE company, analyzed 7,000 U.S. hotel operating statements, revealing an NOI increase of more than 10% annually from 2010 to Based on the revenues projected in the November 2014 edition of PKF s Hotel Horizons forecast, hotel NOI will continue to increase by doubledigit percentages through The estimated 2014 nominal asset value of $202,789 per key is forecast to increase at a 7.7 % annual rate, due almost entirely to the resulting increases in NOI. With increasing NOI and stable cost of capital, hotel dividends should be quite attractive relative to other investment opportunities Source: CBRE Research Various metrics are used by investors and appraisers to analyze the financial performance of golf courses and resorts. Cap rates were utilized predominantly for many years until the devastating effects of the Great Recession impacted the financial performance of virtually every golf course. Over the last five years with fewer and fewer assets cash flowing, the most common metric has been the Gross Revenue Multiple (GRM). This graph reflects 58 of our golf-specific transactions since 2002, with two recent portfolio transactions (ClubCorp s acquisition of Sequoia Golf, plus Arcis Equity Partners acquisition of CNL s 48 golf clubs) added to better depict the GRM increase in We anticipate a continued increase in GRM in INVESTMENT TRENDS

18 2015 PREVIEW The Golf Club of Amelia Island, Florida Adam s Rib Ranch, Colorado Waldorf Astoria Park City, Utah Red Lodge Mountain Ski Resort, Montana Horseshoe Bay Resort, Texas Tallus - Mammoth Lakes, California

19 Glen Annie Golf Club, California Blue Marlin Cove, Grand Bahama Island Mammoth Sierra Star Parcels, California The Ranch Club, Montana Quechee Lakes, Vermont Sur Mer, Grand Bahama Island

20 CBRE GOLF & RESORT PROPERTIES 5780 Fleet Street, Suite 100 Carlsbad, CA CBRE GOLF & RESORT PROPERTIES Jeff Woolson Managing Director Morgan Abbott Senior Underwriter

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