Pronghorn GM Optimistic
The general manager of Pronghorn Resort said Monday he is optimistic that the new Hawaii-based owner will stabilize the high-end development northeast of Bend.
The Resort Group announced Friday that it had assumed control of Pronghorn from developers Pronghorn Investors LLC nearly two months after the Honolulu company acquired $43 million in loans from the property's original lender.
And Spencer Schaub, general manager at Pronghorn since 2011, said that TRG's ownership means a bright future at Pronghorn. "This is a great thing for Pronghorn," Schaub said. "We've got a very knowledgeable company who sees a long-term future and is looking at this as a long-term development plan. It's GREAT for Pronghorn."
TRG bills itself as a master developer, having redesigned or rebranded resorts in Hawaii, California and the Bahamas, according to its website. The company owns Hawaii's Princeville at Hanalei (Kauai) and Ko Olina Resort & Marina (Oahu). Terms of the deal have not been disclosed, but Schaub said TRG owns Pronghorn "free and clear." It includes the acquisition of 90 unsold home lots; two golf courses, one designed by Tom Fazio, the other by golf great Jack Nicklaus; and the 55,000-square-foot clubhouse.
Schaub said he expects TRG to take "60 to 90 days to analyze the market" before announcing any plans for the development's future. But he does expect some announcements in the coming month, particularly in regard to the development's real estate. "We'll probably have more things to be able to say in the future," Schaub said. "But the most important thing for everybody locally or even in the Pacific Northwest is that Pronghorn is on very stable ground with new ownership."
Schaub added that he expects Pronghorn's golf operations, including Arizona-based Troon Golf's management of the courses, will continue. Said Schaub: "The market is just sort of resetting itself and Pronghorn just went through that itself."