Google, Facebook pay $1 billion to buy Westlake Golf Course
By Steve StraehleyPublished May 11, 2016 08:54:33The world’s largest internet companies are among the buyers of the nation’s third-largest golf course as they seek to transform their business models in a global age.
The purchase of the land and the golf course is part of a broader deal announced Monday by Google, which also bought the golf courses of Dubai and Beijing in February.
The deal, worth about $1.2 billion, is the biggest in the world for golf.
Google is among the world’s biggest search engines, but the acquisition of the Westlake golf courses will be one of its biggest and best-known.
Google has spent more than $30 billion on its search engine and mobile services over the past decade, with a focus on advertising.
It has made acquisitions in the past year to expand its data-analytics, search and video-analytical businesses.
Google and Facebook already own and operate dozens of golf courses across the United States, Europe and Asia.
It’s unclear how much of the golf properties Google owns or what percentage of the value will be sold.
The sale includes the golf resorts of Pebble Beach and Lake Tahoe in California, the courses of Pebble Bay Golf Course in New Jersey, Pebble Beach Golf Club in New Mexico and Lake Lanier in Maine.
In total, Google owns and operates nearly half of the world of golf.
The new acquisition includes about 15 percent of the property’s land, about $8.8 million.
It also includes the existing Pebble Beach golf course and the adjacent Pebble Bay golf course.
The other half of Pebble is in development and could become part of the acquisition.
It is the largest private-sector golf purchase in U.S. history, according to golf tracker RealGM.
It is expected to generate $300 million to $400 million in annual revenue.