I Guess This Rules Out Herb Kohler Buying A Ryder Cup For St. Andrews
/Thanks to the readers who sent in Rick Romell's story on Herb Kohler's "largely in the red" operation in St. Andrews, which likely ends any dreams we might have of him joining the bidding process for a future Ryder Cup. It also can't have him rushing to spruce up Hamilton Hall when another fixer-upper has been such a huge drain.
The luxury hotel in Scotland overlooks the famed Old Course, site of this year's British Open. Besides the 144-room hotel, Kohler's St. Andrews holdings include The Duke's golf course; Craigtoun Manor, an adjacent rundown mansion Kohler has begun redeveloping; and Hamilton Hall, a dilapidated former hotel overlooking the 18th hole of the Old Course that Kohler bought a year ago and plans to restore.
Depreciation and a big write-down last year on Craigtoun Manor account for most if not all of the cumulative loss of The Old Course Limited since 2005, the financial reports indicate.
The company halted work on Craigtoun Manor after buying Hamilton Hall, which now will be redeveloped first. Meanwhile, the firm last year recorded a 4.9 million pound charge related to the manor, citing the effects of the economic downturn on real estate in the United Kingdom.
Sales for The Old Course Limited totaled 9.9 million pounds in 2009, down from 11.7 million the previous year and 12.4 million in 2007. Sales had been rising until then.