SALE OF THE WOODLANDS’ PUBLIC GOLF COURSES AND
THE WOODLANDS COUNTRY CLUB
TO SEQUOIA/CANONGATE FINALIZED

The sale of The Woodlands’ two public golf courses and The Woodlands Country Club to Sequoia/Canongate Golf LLC was finalized on May 31, 2007, according to Tim Welbes and Alex Sutton, co-presidents of The Woodlands Development Company.
The announcement that a contract for sale had been signed occurred on April 20, 2007 and after due diligence, the sale was closed and funded as planned. As of midnight on May 31, all employees of The Woodlands Country Club became employees of Sequoia/Canongate. Joe Guerra, principal of Sequoia/Canongate, said that his Company is honored and very excited to have the opportunity to build upon the great legacy of The Woodlands Country Club and the public golf courses, and look forward to taking The Club to the next level.

“The owners of Sequoia/Canongate have owned and operated private clubs for more than two decades,” said Welbes and Sutton. “We believe that Sequoia/Canongate will bring The Woodlands Country Club to a higher level of membership satisfaction because they are experts in the field. Operating private clubs is all they do.”

Sequoia/Canongate has quickly become a private golf leader in the Atlanta, GA market. The Company purchased seven clubs in that market four years ago and has since grown to 18 clubs. According to Guerra, their stated intention is to use The Woodlands and all of its golf courses as their flagship operation as they expand their golf portfolio in the Houston market. Membership benefits would include reciprocal play rights on all courses the Company owns or manages, as well as several flexible membership options.
The sale package includes the 18-hole East Course, Clubhouse and maintenance facilities; the building formerly known as the Golf Hall of Fame; The Oaks and Panther Trail golf courses, along with the golf pro shop, locker rooms, and Spartilo restaurant; the existing tennis facilities at The Woodlands Country Club, including the pro shop and indoor courts; the 27-hole Palmer Course, Palmer Clubhouse and maintenance facilities; and the 18-hole Player Course, clubhouse and maintenance facilities.
The new owners have already met with members of The Woodlands Country Club to introduce themselves and share their plans for the immediate future. “Both the golf operations and social activities at The Woodlands Country Club will remain virtually unchanged, and the transfer will be ‘seamless’ for members,” Guerra said.

For more information about Sequoia/Canongate Golf LLC, log on to www.canongategolf.com.
The Woodlands is a 28,000-acre master-planned community located 27 miles north of downtown Houston. It is a project of The Woodlands Development Company, a limited partnership of Morgan Stanley and General Growth Properties, Inc.