ClubCorp, the Texas-based company that owns the Harbour Club near Waterfront Park in downtown Charleston, is being sold to Apollo Global Management LLC, a New York-based private equity firm, for approximately $1.1 billion.
The Harbour Club is a private club that was opened in 1994 and is housed in a 200-year-old building on Prioleau Street.
ClubCorp had been undergoing a strategic review of the company earlier this year, a spokeswoman said, and chose Apollo to take over the company’s clubs.
“With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success by providing its members with unrivaled experiences at its clubs,” said John Beckert, chairman of the ClubCorp board of directors.
Apollo is expected to continue running ClubCorp’s 200 clubs across the country with no change to the clubs’ operations.
The acquisition is expected to close later this year, after which ClubCorp will be a privately held company. Shareholders will be paid a one-time dividend of 13 cents per share later this month.