The luxurious Chestnut Ridge Golf Resort, a complicated of two incredibly regarded golf courses and a normal ceremonial dinner hall and convention center, has long gone up for sale.
Simply put, the growing older owners wish to move on and make way for a purchaser with an hobby in maintaining and developing the hotel to its potential, an auction house operator said.
“The owner has different interests,” Sherman Hostetter, proprietor of Hostetter Auctioneers, of Beaver Falls, advised the Gazette. The auction is scheduled for midday on July 25.
“It’s a brilliant possibility for someone. It has place and visibility. It has a well maintained clubhouse — it’s huge. ”
The facility is along Old William Penn Highway, at the interchange of Route 22 and 119 east of Blairsville. Its neighbors consist of IRMC at Chestnut Ridge, the Resort Plaza purchasing core and a neighborhood medical center run by means of Excela Health Latrobe Hospital.
The complicated covers 345 acres which includes about 35 acres nevertheless ripe for further development, Hostetter said.
Tom Usher and Jim Usher, both of Pittsburgh, came aboard at Chestnut Ridge in 2004 as ownership companions with Eugene “Huey” Bartolini, of Saltsburg, and Matt DeRose, of York.
The Ushers paid $7.5 million to emerge as the sole proprietors in 2008.
Golf property expert Larry Hirsch, a specialty property appraiser and marketing consultant at Philadelphia-based Golf Properties Management, said Chestnut Ridge must revel in a true sale in light of recent increases in popularity of golf.
“Over the closing 10 to 15 years, golf has been flat however it is experiencing a bit of resurgence seeing that the coronavirus pandemic,” Hirsch told the Gazette. “Golf is a socially distance friendly undertaking so there are a lot of humans returning to golf.”
Many golf complexes are on the market. Many are 18 or 9 holes however few offer 36 holes, making it a distinctive attraction, Hostetter said.
“It’s the type of place, because of how massive the clubhouse is and the place it’s located — it’s a diamond in the rough,” he said. “Both courses are very nice. They’re properly maintained and still in top shape. Sometimes a path for sale is run down, but this is no longer in that condition.
“This will supply humans the chance to compete. We don’t take many houses that don’t get sold. Typically we’re closing on 90-plus percentage of our sales.”
Neither Hostetter nor Hirsch would speculate on the rate that the proprietors would be given or the provides that they may want to expect from buyers.
Both additionally stated that the financial downturn due to the fact of the COVID-19 pandemic is a wildcard aspect in the sale. But Hirsch didn’t cut price the danger that the Ushers may want to sell Chestnut Ridge earlier than the July 25 public sale date.
“If anyone walks in and makes an provide proper to sell, I suspect he would promote it,” Hirsch said.
“Everything is turnkey. The clubhouse, the gear there, the golf grounds, and two 18-hole golf courses. The solely factor you’re not getting are the golf carts. They are leased,” Hostetter said.