Henry S. Miller Cos. has sold Prestonwood Country Club to Dallas-based ClubCorp. The property features two 18-hole championship courses, The Creek in Dallas and The Hills in Plano, both with their own clubhouses.
The Millers have owned Prestonwood for 36 years. Along with another family property, Highland Park Village, it was a favorite childhood playground of Greg Miller, the fourth-generation leader of Henry S. Miller Cos., who took the helm last year.
Miller said the time was right to let it go, as real estate, not hospitality, is the company’s core business. “And the price was right,” he added.
The purchase of Prestonwood marks the third buy for ClubCorp in the past six months. It gives the company 17 clubs in the Dallas region and an overall portfolio of 156 clubs in 25 U.S. States, the District of Columbia, Mexico, and China. Locally, its holdings include Gleneagles Country Club, Stonebriar Country Club, Brookhaven Country Club, and Tower Club in downtown Dallas, all of which have been given major renovations in the past few years.
Eric Affeldt, ClubCorp CEO and president, said the company plans to invest several millions into improvements at Prestonwood, including enhancements to member dining areas, both golf courses, and other amenities.
