Oceanico buys US golf resort

IRISH property development firm Oceanico has made its first move into the American market with the purchase of a North Carolina golf resort in a $500 million (€338m) deal.

Oceanico, which is based in the Western Algrave and run by businessmen Gerry Fagan and Simon Burgess, said yesterday that the acquisition of Little River Golf and Resort in the Pinehurst area of North Carolina was completed at the end of December.

The $500 million figure is the expected value of the resort once it is revamped over the coming five years.

It brings the value of Oceanico’s combined property portfolio to more than €2 billion.

Mr Fagan said: “This acquisition represents yet another bold step for Oceanico, and fits perfectly into our strategy to create not just golf courses and accommodation, but world-class resorts for golfers and non-golfers alike. We are delighted to now have the opportunity to build Little River into a resort that matches the unparalleled standards of our Portuguese developments, such as the five-star Amendoeira Golf Resort, Vilamoura Golf & Garden Resort and Royal Óbidos Spa & Golf Resort.”

The Little River Golf and Resort, which was opened in 1996 is ranked among North Carolina’s top 100 golf courses.

The resort features 64 two-bedroom apartments and Oceanico plans to build on this with more residential and holiday properties.

Mr Burgess said: “North Carolina is already one of the five most popular states for golf travellers and nearby Pinehurst is widely regarded as the finest in the US. North Carolina is to US golf what Portugal is to the sport in Europe and we look forward to replicating our European success in the American market.”