Japanese Buy Pebble Beach Company
PEBBLE BEACH, Calif. (AP) _ The famed Pebble Beach Golf course and associated resorts were sold Wednesday to a Japanese-owned company, the buyer announced.
Ben Hogan Properties, which is owned by Japan’s Cosmo World Corp., announced it bought Pebble Beach Co., one of California’s most expensive real estate holdings, with top-class golf courses and resorts on Monterey Bay. The price paid to the private partnership that owns Pebble Beach wasn’t disclosed.
A $543 million loan was taken out to finance the deal, according to papers filed in the county recorder’s office.
Pebble Beach Co. owns and operates two luxury resorts and several prestigious golf courses - the Pebble Beach Golf Links, The Lodge at Pebble Beach and the Inn and Links at Spanish Bay. It also owns Spyglass Hill and Del Monte Golf Courses, 17-Mile Drive and substantial amounts of real estate on the Monterey Peninsula south of San Francisco.
″We are committed to operating Pebble Beach at the same high standards that everyone has come to expect of this world class property,″ David B. Hueber, president of Ben Hogan Properties, said in a news release. Company officials said they didn’t expect to change the resort area’s ″the management personnel or management style.″