TROON GOLF EXPANDS JAPANESE PRESENCE

Posted on April 11, 2000

Tokyo slated as Headquarters for "Troon Golf Japan"

SCOTTSDALE, AZ - Troon Golf, recognized as the world's leading luxury brand golf management, marketing and development company, has announced the opening of its new office in Tokyo, Japan. This step comes 18 months after the opening of an additional office in Sydney, Australia and is a further expansion of its partnership with Medallist Golf Developments. The expansion into Japan will allow golfers in yet another part of the world to experience the customer service and exceptional golf course maintenance standards known world wide as the "Troon Golf Experience."

"Our expansion into Japan is a natural extension of Troon Golf's global strategy," said Troon Golf Chairman and Chief Executive Officer, Dana Garmany. "We are confident that our 12 months of preparation for this move will allow for a smooth transition into this new market. Anytime we enter new markets, it is important to make sure we are operating with an awareness of the cultural differences. Our Tokyo based executives are committed to delivering a product in keeping with our standards with regards to excellence and innovation."

Unique market conditions, whereby up to 40% of the country's 2,200 golf courses may change hands, are cited as additional reasons for the speed and size of Troon Golf's move. An affiliate company, Troon Golf Japan, will be the operating entity in this market. Shareholders in the venture include Medallist Golf Developments, a joint venture between Greg Norman and Australia's Macquarie Bank, along with Goldman Sachs, & Co. and Starwood Capital.

"Since my first visit to Japan in 1977, I have explored opportunities which further my business dealings in the Country," said Greg Norman. "This initiative presents my partners and I with the opportunity to establish a solid foundation for bringing our products and services into the world's second largest golf market." Norman added, "I believe the Japanese golf and investment markets will embrace management groups to address some significant ownership and membership issues which exist in these golf investments."

John Sauter, President, Acquisition and Development for Troon Golf said, "Great companies and investors have always been ahead of their competitors in identifying opportunities. We see a series of one-time, non-recurring events unfolding in a sequence that creates a unique environment to profit from the restructuring of an industry. Troon Golf and its capital partners are well positioned to revolutionize the upscale golf business in Japan."

Based in Scottsdale, Arizona, Troon Golf has over 50 golf courses under management or ownership in 10 states and 5 countries. Troon Golf's prestigious facilities include Turnberry Hotel, Golf Courses & Spa, Ayrshire, Scotland; Troon North Golf Club, Scottsdale, Arizona; The Westin La Cantera Resort, San Antonio, Texas; Eagle Ridge Inn & Resort, Galena, Illinois; and Pelican Waters Golf Club in Queensland, Australia. SCOTTSDALE, AZ - Troon Golf, recognized as the world's leading luxury brand golf management, marketing and development company, has announced the opening of its new office in Tokyo, Japan. This step comes 18 months after the opening of an additional office in Sydney, Australia and is a further expansion of its partnership with Medallist Golf Developments. The expansion into Japan will allow golfers in yet another part of the world to experience the customer service and exceptional golf course maintenance standards known world wide as the "Troon Golf Experience."

"Our expansion into Japan is a natural extension of Troon Golf's global strategy," said Troon Golf Chairman and Chief Executive Officer, Dana Garmany. "We are confident that our 12 months of preparation for this move will allow for a smooth transition into this new market. Anytime we enter new markets, it is important to make sure we are operating with an awareness of the cultural differences. Our Tokyo based executives are committed to delivering a product in keeping with our standards with regards to excellence and innovation."

Unique market conditions, whereby up to 40% of the country's 2,200 golf courses may change hands, are cited as additional reasons for the speed and size of Troon Golf's move. An affiliate company, Troon Golf Japan, will be the operating entity in this market. Shareholders in the venture include Medallist Golf Developments, a joint venture between Greg Norman and Australia's Macquarie Bank, along with Goldman Sachs, & Co. and Starwood Capital.

"Since my first visit to Japan in 1977, I have explored opportunities which further my business dealings in the Country," said Greg Norman. "This initiative presents my partners and I with the opportunity to establish a solid foundation for bringing our products and services into the world's second largest golf market." Norman added, "I believe the Japanese golf and investment markets will embrace management groups to address some significant ownership and membership issues which exist in these golf investments."

John Sauter, President, Acquisition and Development for Troon Golf said, "Great companies and investors have always been ahead of their competitors in identifying opportunities. We see a series of one-time, non-recurring events unfolding in a sequence that creates a unique environment to profit from the restructuring of an industry. Troon Golf and its capital partners are well positioned to revolutionize the upscale golf business in Japan."

Based in Scottsdale, Arizona, Troon Golf has over 50 golf courses under management or ownership in 10 states and 5 countries. Troon Golf's prestigious facilities include Turnberry Hotel, Golf Courses & Spa, Ayrshire, Scotland; Troon North Golf Club, Scottsdale, Arizona; The Westin La Cantera Resort, San Antonio, Texas; Eagle Ridge Inn & Resort, Galena, Illinois; and Pelican Waters Golf Club in Queensland, Australia.
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