Posted: Thursday, August 2nd 2012 at 2:07pm
MetLife purchases Reynolds golf resort
By The Associated Press
ATLANTA - MetLife executives say the company has completed its purchase of the upscale Reynolds Plantation golf resort on Lake Oconee, which has struggled for months with its finances.
MetLife said in a statement Thursday that the deal includes The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront property about 80 miles east of Atlanta.
A bank-appointed receiver was hired last year to operate the clubs and market the community and undeveloped land.
The New York-based insurance and financial services firm did not disclose financial details of the deal. MetLife says it has a real estate portfolio of more than $60 billion, which is one of the largest in the U.S.
The company said Birmingham, Ala.-based Daniel Corp. will oversee Reynolds Plantation.
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