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SGA - The Golf Advisory Experts

Fall 2018 SGA Member Meeting

The Society of Golf Appraisers (SGA) held its Fall 2018 (September 17-18) golf industry meeting at the Inn at Bay Harbor in Petoskey, Michigan. The notable industry event was hosted by Jim Hartman, Senior Managing Director at Valbridge Property Advisors. The SGA meeting occurred over two days where SGA members discussed ways to continue to advance and improve the golf business and club valuation profession. During the business meeting, members voted to improve SGA’s proprietary golf club revenue and operating expense analytic tool used in consulting and valuation assignments.

At the SGA Spring 2018 meeting, we had the opportunity to meet directly with two industry leaders: Mr. Steve Mathews, director of real estate and development for Boyne Resorts and Trey Rogers, Ph.D., professor of turfgrass management at Michigan State University (MSU). 

Mr. Mathews shared insight about their golf resort properties and how Boyne handles development in

today’s market. The SGA was also honored to have Dr. Trey Rogers, a professor of turfgrass 

management at MSU, speak to our membership about new techniques for mowing golf courses and new developments in machinery for golf courses. He also shared with us proper techniques to rehab or build new greens, as well as rehab old golf courses.   

The SGA again would like to extend a sincere thank you to Mr. Steve Mathews and Dr. Trey Rogers for their time and insight. During the SGA industry meeting, members also enjoyed two days of golf on two top rated clubs: Bay Harbor Golf Club and Crooked Tree Golf Club. For more information about SGA membership, education programs, and industry critical information please visiting

Spring 2018 SGA Member Meeting

The Society of Golf Appraisers (SGA) held its Spring 2018 meeting in Fort Worth, Texas. The notable industry event was hosted by Alan Pursley, SGA, Senior Managing Director of Integra Realty Resources – Fort Worth. 

The SGA meeting occurred over two days where members of SGA discussed ways to continue to advance and improve the golf business and asset advisory and valuation profession.

As analysts, a key focus frequently is to mirror the market. Accordingly, SGA members work diligently to track trends in the business of golf and related real estate.  As part of our  commitment to the industry and clients, we actively seek out participants that are actively involved in the sale, purchase, leasing and management of golf related assets. At the SGA Spring 2018 meeting, we had the opportunity to meet directly with leadership with Escalante ( and Arcis Golf (, both Dallas-Fort Worth based companies.

Escalante is a privately held company with 16 golf courses under ownership located in nine states. Unlike many real estate investment companies, Escalante investments are not purchased with the anticipation of near term return but rather to hold as long-term investments. There focus is on private facilities with population statistics that are what they term “clubable”. Significant focus is put on housing prices, existing and planned housing inventory, drive time, among others. And, in a market where it is often difficult to succeed, it was evident that they have a formula that works.

One of things that stood out to me was the culture of Escalante. In our meeting with David McDonald, Bobby Silva, Elcio Silva, Tim Latiolais, Frank Gore, and Matt Kearns it was evident that culture is a key component to their success. From their daily Bible studies to their daily meetings in their “War Room” to track daily statistics, it is clear that they do things with a sense of excellence. They consider themselves “stewards” of the clubs they own, knowing that every penny counts in their ability to provide members the experience they deserve. They focus on teaching employees how to make money, and how to work different not more, so that everyone wins.

Day 2 of the Spring SGA meeting began with a one-on-one meeting with key leadership at Arcis Golf. Arcis was started in 2013 and has grown their portfolio to over 60 golf courses ranging from daily fee to high end private clubs.  In attendance was Mr. Andrew Crosson, Executive Vice President of Acquisitions at Arcis Golf, and Mr. Jim Oliver, Chief Operating Officer with Arcis Golf.  According to Mr. Crosson, the philosophy of Arcis Golf has evolved into a focus on bigger investments and their strategy is to seek “bigger bets and fewer bets”.

Arcis golf leadership considers their company to be a hospitality company wrapped in golf. There primary focus is on the experience of the members or patrons and to provide an excellent all-around leisure experience. They see the golf component as the primary umbrella of the investment but place much of their focus from an operations standpoint on all other departments, seeking ways to improve the financial standing of the course while continuing to provide the excellence that their members and patrons have come to expect.

Members of SGA would like to extend a very warm thank you to Escalante and Arcis Golf for taking the time to meet with us and provide valuable industry insight and investment trends.  Information that SGA members will use to help achieve one of our organizational goals; “To support the integrity and vitality of the golf course industry while providing the continued enjoyment of the game through the sharing of information and providing the highest quality professional advisory, consulting and valuations services in the golf industry.

by Christopher Starkey, SGA

Congratulation to SGA Member,  Larry Hirsh
and his new book called:  


Golf Property Analysis and Valuation: A Modern Approach  an authoritative reference on the economics of golf courses and their appropriate valuation that will be useful to appraisers, attorneys, lenders, tax assessors, golf course developers and managers, market participants, and other real estate and golf professionals.  


Order your copy to by clicking on the order now label below.


Today more appraisers are valuing golf properties and bringing sophisticated new methodology to the market and appraisal practice. Golf Property Analysis and Valuation provides the most current information available on the economics and valuation of golf courses and clubs and will help appraisers update their understanding of these complex properties.  The text examines

  • Different market segments for golf properties
  • Types, styles, and layouts of golf courses
  • Other design considerations
  • Various ownership and management structures
  • Different methods of valuing golf properties
  • Common problems encountered by appraisers

In the News -  September 2017


SGA MemberDavid Pope of Hotel & Club Associates was a featured speaker at the North Carolina Department of Revenue’s

2017 Advance Personal & Real Property Seminars on the Valuation of Conservation Easements, for more information click on:


 SPEAK at the


80th Annual International Association of Assessing Officers (IAAO) International Conference on Assessment Administration

The Gold Standard for 80 Years


Join Us, Tuesday, August 26

3:00pm - 4:30pm


Avoid the Hazards: Challenges

of Golf Course & Club Valuation


Doug Main, SGA, ASA, CRE, CCIM, MAI,



Marty Benson, MAI, SGA,

Benson Realty Advisors


Ron Carciere, MAI, SGA,

Golf Course Appraisal





Appraisal Institute Conference,

Austin, Texas

Tuesday, August 5, 2014 - 4-6 pm, Room 406

Lifestyle Properties: Going-Concern &

Allocation Valuation Issues


  • Ron Carciere, SGA, Partner, Golf Course Appraisal, Inc. & Golf Market Advisors
  • Douglas Main, SGA, Director, Deloitte Transactions and Business Analytics, LLP

  • Gerald Teel, SGA, Senior Managing Director, Valbridge Property Advisors, Links & Land


Finishing with an Ace                                         


Tuesday, August 5, 2014 - 10:30 am - 12:30 pm, Room 406

The Future of Appraisal Specialization


  • Ron Carciere, SGA, Partner, Golf Course Appraisal, Inc. & Golf Market Advisors
  • Larry Hirsh, SGA, President, Golf Property Analysts

  • Douglas Main, SGA, Director, Deloitte Transactions and Business Analytics, LLP



    The SGA is recognized as the nation’s leading non-profit organization offering golf advisory, consulting and valuation services.  SGA members deliver professional independent and objective market intelligence, “real time” industry insight, responsiveness, and sound advice & opinions.  SGA membership is synonymous with professionalism and integrity.  Through the integration of its members, the SGA offers comprehensive advisory, consulting and valuation related service and analysis unmatched in the industry. The SGA endeavors to provide comprehensive resources, education programs and services to the golf business.

    SGA members are qualified practitioners who have earned one of the industry’s preeminent professional designations. Utilizing both analytical and quantitative techniques, SGA members take pride in problem solving, providing access to needed resources, and robust industry knowledge.Our membership offers professional services to owners and operators of existing and proposed golf facilities across the globe.

     Golf club selection is critical to a complete and successful game. The SGA believes this is also true in the selection of a professional service provider. The SGA members have demonstrated an in-depth competence and experience of the business side of the golf, club & related lifestyle industries.    The SGA works closely with many of the industry’s leading golf organizations, golf architects, developers, owners and operators, planning firms, financial institutions as well as tourism and golf bodies and governmental organizations. 


The SGA is a proud supporting partner (click here for more information) of the 2014 Golf Industry Show & NGCOA Annual Conference, Orlando, FL (February 3th to 6th), SGA will be an active supporting partner of Golf Industry Show.  The SGA and its membership will offer seminars and other activities during the Show.  We hope you can participate and please stop by the SGA Booth (#2473) and talk directly with SGA experts.

THE GOLF INDUSTRY SHOW: The SGA - Visit us at Booth: #2473


Wednesday, February 5 – 10:00 – 11:30 am:

Links 9-1-1, an Investment &Operational Rescue

    Larry Hirsh, SGA - President, Golf Property Analysts

    Terry Oetzel, SGA - President, Valbridge Property Advisors

    Doug Main, SGA -  Director, Deloitte DTBA  – Golf & Lifestyle Advisory

    Ron Carciere, SGA - President, Golf Course Appraisal




Stay Informed. Read the industry source, the SGA's The Drive Newsletter. 

Read the featured article with golf industry expert, David Pope, SGA. Read what investors and lenders are saying, go to pages 3 and 5 of The Drive


 Click Here to download your copy of the

SGA's The Drive, the Industry Source.

SGA Newsletter
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