Report: Company to be sold

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Monday, Sept. 9, 2002 | 11:19 a.m.

A company and a subsidiary that own six Las Vegas-area golf courses will be sold to a New York-based real estate fund, a newspaper reported.

The Los Angeles Business Journal reported that National Golf Properties Inc., Santa Monica, Calif., will be bought by a group led by the Whitehall real estate fund run by Goldman Sachs.

Representatives of National Golf and Goldman Sachs had no comment on the report.

Publicly traded National Golf and its subsidiary, American Golf Corp., operate the Wildhorse, Painted Desert, Badlands, Desert Rose, Las Vegas Golf Club and Las Vegas National courses in Southern Nevada.

The Journal said Goldman's Whitehall fund would be teaming up with Starwood Capital Group, a buyout firm run by Starwood Hotels & Resorts Worldwide Inc. Chairman Barry Sternlicht, which outbid a rival group led by Westbrook Partners and Blackstone Group.

The Journal said the deal is expected to be announced by the end of the month and would lead to National Golf going private before merging with American Golf.