Saturday, February 11, 2012

Pronghorn Sold To Hawaiian Group

Posted By on Sat, Feb 11, 2012 at 8:00 AM

Pronghorn, the Jack  Nicklaus and Tom Fazio anchored golf and housing development that kickstarted the destination resort boom in Central Oregon, announced that it has been sold to a Hawaii-based resort development and management company.

Like other resorts Pronghorn has been hard hit by the housing collapse and had been struggling to keep the five-star golf resort and development afloat. However, the debt laden resort had struggled to find a buyer for the heavily leveraged property. HDDP holdings ultimately found a suitor in The Resort Group, which picked up $55 million in HDDP’s debt. The Resort Group, which also owns and operates Kauai's Princeville,  said they plan to complete the balance of the resort’s master plan, and most importantly, fund the day to day operations, allowing the golf courses and resort to continue to function.


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