TradeWinds Island Resorts has ditched its plan to take over the Pasadena Yacht & Country Club.
"We really thought it was a good fit and great opportunity, but in this current economy we didn't think we could generate enough new revenue there for the deal to make sense," said Tim Bogott, president and chief executive of TradeWinds.
Owners of the 1,300-room St. Pete Beach hotel resort had earlier signed a preliminary lease/purchase agreement to take over operation of the 18-hole golf club and its 103-slip marina in nearby Gulfport.
"In the end we just couldn't come to terms," said Dale Johnson, managing partner of the investment group that owns the club. "We agreed to a purchase price, but we couldn't agree on the lease terms." The club owners don't plan to seek other buyers.
The lease terms included commitments to make large investments in deferred maintenance over the next four years, said the ownership group, which acquired the club two years ago for $8-million. The group said it would begin tackling the improvements itself.