Schuster Group to close Holmes Harbor Golf Course
March 10, 2010 · 2:59 PM
The owners of the Holmes Harbor Golf Course announced today the course will close on March 14.
"Like so many individuals and companies, the entity which owns and operates the golf course has suffered during the past year from the economic recession," the Schuster Group said in a press statement.
"As evidenced by the recent bankruptcy of Whistler Resort, the recreation business, along with the collapse of the housing market, has significantly impacted revenue sources for operations and has negatively impacted our overall development operations. In an effort try to continue our operations, we have attempted for over 14 months to work with our bank to restructure our debt to better meet our operational needs during these unprecedented challenging times," the statement continued.
"Unfortunately, as our financial partner, we were unable to reach a tenable agreement with the bank. Certainly, the 'bail out' program as intended is not working and unfortunately we have been unable to ascertain how to tap into these monies meant to help business owners and sustain employment."
The public, par-64 course was designed by Sikma Enterprises, Inc. in 1994. Developer Mark Schuster bought the course from Seattle Supersonics legend Jack Sikma in 2003.
The course was ranked in the top 20 golf courses in Northwest Washington by Northwest Business Monthly in 2007.
Schuster Group officials said such recent events created "the perfect storm in which it is simply no longer viable to continue operations."
The company is hoping to sell or transfer the golf course so it can reopen in the future.
The Schuster Group closed the Beachfire Grill near the 18-hole golf course in late January. That closure was also based on the sour economy.