Escalante Golf Purchases The Crosby National Golf Club

Rancho Santa Fe, CA, October 30, 2009 --(PR.com)-- Escalante Golf and an affiliate of Starwood Capital Group today announced the completed sale of ownership interests in The Crosby National Golf Club to Escalante Golf. Located in Rancho Santa Fe, The Crosby is a spectacular Fred Couple and Schmidt/Curley-designed golf course, with an impressive clubhouse, a sports club including a resort-style pool and state-of-the-art workout facilities, and four championship tennis courts.

After entertaining offers from several entities, an affiliate of Starwood reached an agreement with Escalante Golf, which has developed a reputation for excellence in club ownership and management. Since 1991, Escalante Golf has built its business through the selective acquisition and world-class management of distinct golf properties and assets across the country. Terms of the transaction were not disclosed.

“The Crosby is an outstanding addition to our repertoire of superior clubs. We are very selective in the properties we choose to be part of Escalante and look for opportunities, such as The Crosby, that fit in with our mission and culture,” said David McDonald, Escalante Golf’s president. “We typically buy and hold these types of real estate assets for a long period of time and believe this strategy allows us to be good stewards of our properties, with an eye toward continuous improvement. We are very excited to join The Crosby’s community and help it to continue its history of excellence.”

The Crosby is a highly respected club, situated in the heart of the exclusive Rancho Santa Fe community and was recently selected one of America’s 100 Best Golf Communities by Travel & Leisure Golf Magazine.

Escalante Golf was established in 1991 and owns and operates numerous golf properties throughout the United States, including Colorado, Florida, Ohio, Texas and now California. Operating partners David McDonald, Elcio Silva and Robert Silva manage the company.

Starwood Capital is a private, US-based investment firm with a core focus on global real estate. Since the company`s inception in 1991, the firm, through its various funds, has invested more than $6 billion of equity capital, representing $21 billion in assets. Starwood and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets.

The purchase of The Crosby was accomplished in conjunction with investor and partner Ron Huston. Jeff Woolson, managing director with CB Richard Ellis Golf and Resort Properties Group in Carlsbad, California, was the broker on the transaction.

Additional information about The Crosby is available at http://www.thecrosbyclub.com.

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