SEDONA, AZ (June 4, 2013) — Northlight Financial LLC (“Northlight”), a manager of private equity debt and real estate assets, has announced its acquisition of a majority stake inSeven Canyons, a Sedona, Arizona 18-hole, Tom Weiskopf designed golf course and associated residences and clubhouse. The investment was made through investment vehicles managed by Northlight.
Northlight also announced it has retained Scottsdale headquartered Enchantment Group, a hospitality management company, to manage the facility and guide its restoration.
Northlight, which is actively involved in underperforming hospitality asset acquisitions, acquired Seven Canyons through a bankruptcy court proceeding.
“We see substantial value in Seven Canyons,” said Ben Gerig, head of Northlight’s real estate investments. “It’s a beautiful golf course in one of the most spectacular settings in North America. The potential is enormous.”
Northlight has recently invested in a number of resort properties across the western United States, including two in Arizona, Seven Canyons in Sedona and Quintero Golf and Country Club outside of Phoenix; Wyoming’s Snake River Sporting Club near Jackson, WY; and The Residence Club at PGA West in La Quinta, CA.
Northlight indicated it retained Enchantment Group to manage Seven Canyons because of the hospitality firm’s long and deep ties to the Sedona area, where the group has operated Enchantment Resort since 1987, and Mii amo Spa since launching it in 2001. Both are award-winning facilities that have nurtured strong bonds to their community.
“We look forward to restoring Seven Canyons to its original excellence,” said Mark Grenoble, president of Enchantment Group, who elaborated that when it opened in 2003 Seven Canyons won accolades throughout the golf world. It frequently won mention as among the top 100 golf courses as recently as five years ago.
The setting — surrounded by more than 100,000 acres of Coconino National Forest amidst the pines and red rocks of Northern Arizona — has consistently won praise for its visually dazzling uniqueness.
Caught in the maelstrom that hit Arizona especially hard, the facility suffered setbacks in recent years but, said Grenoble, “the fundamentals are there to swiftly re-establish this as a premier golf club in the top echelon of courses across North America. The addition of Seven Canyons Golf Club to our Enchantment portfolio in Sedona, which includes the world’s best spa and an award-winning resort, will make this an even more desirable destination.”
Grenoble added that Northlight brings the required capital needed to complete the clubhouse and renovate the course. Exact timelines are still being finalized.
Northlight is an established corporate lender and asset-based investor that currently manages over $500 million in corporate loans, real estate loans and REO properties. Northlight was founded in November 2002. Northlight has been registered as an Investment Advisor with the US Securities Commission since 2006; additional information on Northlight may be obtained by visiting www.adviserinfo.sec.gov.
About Enchantment Group
Enchantment Group focuses on developing and managing all aspects of resorts, spas and communities. Headquartered in Scottsdale, Arizona, Enchantment Group provides highly personalized branded or customized resort and spa development and management services in ways that maximize performance and return on investment. Award-winning properties managed by Enchantment Group include destination spa Mii amo and Enchantment Resort in Sedona, Arizona, and the Tides Inn in Irvington, Virginia.