Golf Course Survey

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TRAVEL, LEISURE AND TOURISM PRACTICE

From North Cape to Cape Town
KPMG Golf Course Development Cost Survey in the EMA Region

KPMG IN CENTRAL AND EASTERN EUROPE

Sponsored by:

Penha Longa Golf Club Lisbon (Sintra), Portugal Designer: Robert Trent Jones II

The credo of Robert Trent Jones II – “of the earth, for the spirit” – reflects the company's passion for golf and our commitment to the values of the game. We believe golf courses are places of tranquility, conviviality, and aesthetic beauty, providing sanctuaries from the cares of daily life. At the same time, we recognize that golf is a challenging game that can command a lifetime's devotion, but can never truly be conquered. During the nearly forty years of its existence, RTJII has designed more than 230 courses in 38 countries. Numerous championships and various professional tour events have been played on RTJII courses, including the Grand Slam of Golf. Many RTJII courses are ranked among the world's best by various rating organizations. Among the countries where RTJII courses have been rated “Number One” are China, Norway, the Philippines, Russia, Thailand, Taiwan, and Malaysia. The company currently is active in Europe, Asia, and the Americas. RTJII is involved in all phases of golf course design, from master planning through design implementation.

Photo: Henebry Photography

G o l f C o u r s e D eve l o p m e n t C o s t S u r vey 3

Dear Reader,

Recent research confirms that there are approximately 32,000 golf courses worldwide. Presently, some 50 million people play golf throughout the world. Although the United States represents the largest golf market in the world with around 17 ,000 courses and approximately 27 million golfers, the game itself originates in Europe and continues to have a strong presence there, with more than 6,000 golf courses and roughly 4 million registered golfers. Golf course development is a growing business all over the world. In recent years, approximately 1,000 new golf courses have been established annually worldwide. More mature markets include the U.S., Japan, South Africa, the United Kingdom, Ireland, Sweden and Spain; moreover there are also a number of countries and regions (e.g. South America, the Middle East and Eastern Europe) where golf is becoming increasingly popular. International experience proves that, especially when combined with real estate and/or tourism development, a golf course can often offer an exciting investment opportunity. Having comparable primary information on golf course development costs can be of prime importance for developers, operators, as well as public institutions when thinking strategically about golf development. KPMG's Travel, Leisure and Tourism Network has prepared the following comprehensive study of golf course development costs in Europe, Middle East and Africa (EMA). This research aims to provide investors, developers and other industry stakeholders with a better understanding of the factors that influence the construction cost of golf courses, their typical development timing and the process of selecting golf course architects and construction companies. As initiator and coordinator of this study I hope you will find our results both interesting and enlightening. I would like to take this opportunity to thank all of the golf course developers, owners, operators, designers and many KPMG colleagues who have contributed to our survey, making it possible. If you would like to receive any clarification or discuss the survey results, please feel free to contact me.

Andrea Sartori Partner, Head of Travel, Leisure and Tourism Group CEE KPMG Advisory Services Ltd. andrea.sartori@kpmg.hu

Machynys Peninsula Golf & Country Club Carmarthernshire, Wales Designer: Nicklaus Design

G o l f C o u r s e D eve l o p m e n t C o s t S u r vey 5

Objectives and methodology
Countries and sub-regions considered in the survey The target countries in our research were...
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