Oceanico snaps up Carolina Resort

Oceanico Group, the leading property developer and golf operator in Portugal, has bought the Little River Golf & Resort in the prestigious Pinehurst are of North Carolina, in a US$ 500 million (£230m) deal that marks the company’s first step into the United States.

First opened in 1996, Little River includes an 18 hole golf course with a 20,000 ft clubhouse and 64 two bedroom apartments. Oceanico is planning to expand the accommodation with a number of residential and holiday properties.

The sale, which was completed at the end of December, will see Oceanico take over the golf property and holiday operations of the 630 acre resort. The agreement follows Oceanico’s purchase of five golf course in Vilamoura, Portugal in March last year.

Golf News – January 2008

06 February 2008