Two Orange County executives are in a deal to buy International Bay Club Inc., the parent of The Balboa Bay Club & Resort and the Newport Beach Country Club (see related story, page 12).
Price wasn’t disclosed. The deal will require the approval of the city of Newport Beach, which leases the land occupied by both clubs on a long-term basis.
Richard H. Pickup and his family members—most longtime Newport Beach residents—are leading the investment through private equity firm Eagle Four Partners in Irvine. Pickup was a major shareholder and director at Epicor Software Corp. in Irvine prior to its sale to London-based Apax Partners last year for $976 million.
Eagle Four Partners and Irvine-based Pacific Hospitality Group will assume joint management of both properties.
The 15-acre Balboa Bay Club & Resort includes a 160-room resort hotel, a landmark private club, a 130-slip marina and 145 apartments on Coast Highway along Newport Beach Harbor. The Newport Beach Country Club is near the Fashion Island retail center, and hosts the annual PGA Champions Tour’s Toshiba Classic.
The transaction is expected to close in approximately 60 days, according to the buyers.
“We are very excited about the opportunity to share in the tradition of managing these iconic properties,” Pacific Hospitality Chief Executive Tim Busch said. “Both the Balboa Bay Club and the Newport Beach Country Club are a perfect complement to our expanding portfolio.”
The hotels group owns and operates a number of California properties including the Estancia La Jolla Hotel & Spa and The Meritage Resort and Spa in Napa Valley.
