Cliffs Communities, Tiger Woods Course Files Ch. 11 Bankruptcy

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(Travelers Rest, SC) - Golfer Tiger Woods can't seem to catch a break. In a week when a tell-all book by his former golf instructor Hank Haney caused a lot of consternation, Woods' only golf course design project in the United States is now in Chapter 11 bankruptcy protection.

The Asheville, N.C.-area golf course real estate development, Cliffs at High Carolina, was projected to be the newest private club community in the sprawling Cliffs Communities network. However, the once high-flying Cliffs Communities, comprised of eight world-class private residential golf clubs on 20,000 acres in the Carolina Preserve, officially succumbed to the real estate recession when Cliffs founder Jim Anthony sought U.S. bankruptcy protection this Tuesday in South Carolina.

According to a report in the Wall Street Journal, Anthony's controlling Cliffs Club & Hospitality Group Inc. had estimated liabilities between $100 million and $500 million.

At one time, the Cliffs clubs were some of the top-selling communities in the country. But land sales to home builders and individual buyers seeking high-end real estate were slowed by the economic downturn putting a halt to the Woods course.

To date, only two homes have reportedly been built at High Carolina and fewer than 50 of a planned 1,100 lots have been sold. One of the Cliffs' members, Steve Carlile, owns a prime lot at High Carolina and is one suitor interested in purchasing the Cliffs assets.

Earlier this month, the board reached a tentative deal with Carlile Group, a diversified company based in Marshall, Texas, to take over the Cliffs Club for an unspecified sum.

Now that the company is under bankruptcy protection, it also will entertain offers from other investors, according to Katie Goodman, managing partner of GGG Partners LLC, the restructuring firm hired by Cliffs Club. The Carlile bid will be used as a "stalking horse" to attract other offers, people familiar with the situation told the Journal.

Woods's first golf-course-design project, Tiger Woods Dubai, was never finished. His other project, an oceanside course on Mexico's Baja Peninsula, has also been slow in developing.

See related news story on WORLD PRORPOERTY CHANNEL:

• Cliffs Communities, Tiger Woods Golf Course Changes Owners

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Interval International Adds 6 Condo-Hotels to Timeshare Network

(Miami, FL) - Interval International, the world's second-largest timeshare exchange company, announced Feb. 29 the addition of six condo-hotels within the BH Hotels brand to its network. The mix of urban and beach properties are situated in the cities of Bogota, Medellin, and Santa Marta, Colombia.

"With more than 40 years of experience in Colombia's hospitality sector, Inversiones G.M.H. S.A. - German Morales e Hijos has developed BH Hotels into one of the leading hotel brands in the country," said Marcos Agostini, Interval's vice president of resort sales and service for Latin America. "The company is known for properties in highly sought-after locations, such as Bogotá and El Rodadero district in the resort town of Santa Marta. We are proud to add these resorts to our vacation exchange network."

Four condo-hotels are in exclusive areas of Bogota: bh La Quinta, bh El Retiro, bh Parque 93, and bh Tempo. Another urban hotel, bh El Poblado is in the fashionable El Poblado neighborhood of Medellin, called the city of "eternal spring" because of its mild climate. Each offers quality accommodations and personal service with easy access to the vibrant city centers, financial and business districts, high-end retail stores and shopping malls, gourmet restaurants and cafes, and parks.

Hotel La Sierra is located in Santa Marta across from the popular Rodadero Beach on the Atlantic coast. Nearby attractions include the Rodadero Sea Aquarium and Museum, the Tayrona National Park, 37,000-acres of reefs, beaches, and mangroves, and the Quinta of San Pedro Alejandrino.

"We are excited to introduce BH Hotels to a wider international audience through our affiliation with Interval and invite its members who have not been to Colombia to visit our various properties," said Alejandro Morales, executive vice president, Inversiones G.M.H. S.A. - German Morales e Hijos. "We decided to partner with Interval because they share our commitment to excellence and will offer our owners valuable leisure programs."

Interval International operates membership programs for vacationers and provides value-added services to its developer clients worldwide. Based in Miami, the 35-year-old company now features more than 2,600 resorts in more than 75 nations. Through offices in 15 countries, Interval counts approximately two million families who are enrolled in various membership programs.

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