One could reasonably argue the cause was lack of sponsors who wanted to
share any spotlight with Ginn, given his empire's shaky status.
It never is.
For a business that depends on positive public relations, Ginn Resorts has certainly had its share of bad press lately. Just last week, the developer announced that the Ginn Tribute, the LPGA tour stop at RiverTowne Country Club in Mt. Pleasant, SC, was kaput, two years short of his original commitment. Annika Sorenstam, whose name was on the tournament marquee with Ginn's, retired just in time. The published cause of the tournament's demise was lack of sponsors, but one could reasonably argue the cause was lack of sponsors who wanted to share any spotlight with Ginn, given his empire's shaky status. Ginn Resorts is under attack from residents of its communities who are still waiting for amenities promised years ago, from its lenders (Credit Suisse among them) and from a growing legion of bloggers who know the Ginn Resorts better than I do.
One of the bloggers is Marian Schaffer who, along with her business partner and husband Terry Molnar, runs a Chicago-based real estate firm that helps people find homes in the southern U.S. Marian has visited virtually every one of Ginn's properties. She and Terry understand the southeastern U.S. leisure residential market as well as anyone, and I rely often on their advice and guidance. In return, I contribute to them my thoughts about golf communities they should consider recommending, or not, to their clients.
Schaffer Realty Group's new blog at SouthernWayofLife.com is loaded with insights and advice. It includes an especially interesting piece on Ginn's problems, with Marian sharing her own personal insights from working with Ginn executives over the last seven years. Marian pulls no punches, and if you want to understand where Ginn is coming from, and where he might be headed, it makes compelling reading. Click here for a link to the story.
