ClubCorp Acquires Lakelands Golf Club in Queensland, Australia

Press Release: ClubCorp

October 1, 1999
DALLAS, TX -- ClubCorp, the world's largest owner and operator of private clubs and golf resorts, has acquired the Jack Nicklaus- designed Lakelands Golf Club located on the Gold Coast in Queensland, Australia.

The acquisition makes Lakelands the first fully operational ClubCorp property in Australia. The Links, currently under construction in Port Douglas, is scheduled to open in May 2000.

"This was an excellent opportunity to accelerate our entrance into the Australian golf market,'' said ClubCorp president and CEO, Robert Dedman, Jr. "Lakelands Golf Club enjoys a wonderful reputation as being one of the Australia's best courses and offers the finest service in the industry. It is a solid addition to the ClubCorp portfolio of outstanding clubs.''

Lakelands Golf Club is home to the first Jack Nicklaus Signature Golf Course in Australia. Opened nearly three years ago, it has since achieved acclaim from local media and the playing public. A par-72 championship course, it measures 7,130 yards (6,489 meters) and offers an enjoyable yet challenging experience for golfers of all abilities.

The 18-hole golf course has a well-equipped clubhouse, driving range and practice facility. The region enjoys 300 days of sunshine every year. As a result, Lakelands offers year-round golf in comfortable, subtropical conditions that support meticulously maintained fairways and flawless greens.

"I am pleased to know that my first Signature Course in Australia is in capable hands and ownership,'' said Jack Nicklaus. "Just last year, my company, Golden Bear International, entered into a joint venture with ClubCorp, so we obviously have a great deal of respect and appreciation for their organization.''

Lakelands is located in the heart of the Gold Coast, which is Australia's premier international and domestic tourism and golf destination. The golf club is located directly behind Broadbeach and is arguably the closest course to central Surfers Paradise.

Lakelands is the centerpiece for a planned resort, scheduled to open in 2002, that will include 100 single-family homes, low-rise condominiums, and 100 apartments that will be sold on a fractional ownership basis.

Jack Nicklaus was named by Golf Digest as the world's leading active designer. He currently has 183 designs, co-designs or re-designs open for play worldwide. Nicklaus Design, as a company, has 207 courses open for play. Nicklaus Design is represented in 26 countries and 32 U.S. states.

Founded in 1957, Dallas-based ClubCorp has $1.4 billion in assets and is the world leader in delivering golf, private club and resort experiences. Internationally, the company owns or operates more than 230 golf courses, country clubs, private business clubs and sports clubs and golf resorts, with more than 23,000 employees.

Among the company's most recognized golf properties are Pinehurst in the Village of Pinehurst, N.C. (site of the 1999 U.S. Open Championship and the world's largest golf resort); Firestone Country Club in Akron, Ohio (site of the World Golf Championships NEC Invitational); Indian Wells Country Club in Indian Wells, Calif. (site of the Bob Hope Chrysler Classic); The Homestead in Hot Springs, Va. (founded in 1766 and America's first resort); and Mission Hills Country Club in Rancho Mirage, Calif. (site of the Nabisco Championship). An international enterprise, ClubCorp has semi-private and public access golf courses in the United States, Canada, England, Germany, Mexico, Philippines and South Africa.

For information on ClubCorp and its other properties, the web site can be accessed at www.clubcorp.com. For more information on Jack Nicklaus and Nicklaus design, please visit www.nicklaus.com.

SOURCE: ClubCorp