The Bay Club Company, a California-based hospitality firm, has completed its $73 million acquisition of the ground lease for Manhattan Beach’s Manhattan Country Club, the company said Tuesday.
The ground lease for the property, which includes a 50,000-square-foot tennis and fitness facility, a three-story 38,000-square-foot office building and a parking lot, was previously owned by operator Keith Brackpool. The lease with the city runs through 2043 with two 15-year extension options.
Brackpool completed massive renovations to the club in recent years.
The club, at 1330 Parkview Avenue, is just the latest in the San Francisco-based Bay Club’s growing California portfolio. In 2016, the company acquired Fairbanks Ranch Country Club in Rancho Santa Fe, CA, and Boulder Ridge Golf Club in San Jose, CA. In total, it has 23 locations in the state.
“We continually seek out strategic opportunities that add value and upgrade our membership experience,” Bay Club President and CEO Matthew Stevens said in a statement.
The deal reportedly netted the City of Manhattan Beach $730,000.