MetLife announced today that it has entered into an agreement to
purchase Georgia’s premier golf and resort community, Reynolds
Plantation, located on Lake Oconee, 70 miles east of Atlanta. The
acquisition will include The Ritz-Carlton Lodge, six championship golf
courses, four full-service marinas and nearly 5,000 acres of undeveloped
golf and waterfront property. The transaction is anticipated to close
during the summer, subject to customary closing conditions. Terms were
not disclosed.
“Reynolds Plantation is an exceptional development, and we’re excited
about the opportunity to become the new owner,” said Robert Merck,
senior managing director and head of real estate investments for
MetLife. “This is a premier community with world-class amenities, a
great reputation and a strong future. MetLife has been a real estate
investor for over a century, and this transaction represents an
outstanding investment opportunity for us.”
MetLife is engaging Daniel Corporation to oversee all day-to-day
operations at Reynolds Plantation. The Daniel team will work in
cooperation with MetLife’s Atlanta Regional Office, headed up by
Regional Director Tom Coakley. The Atlanta office manages the company’s
real estate investments in the southeastern United States.
The collaboration between MetLife and Daniel represents a continuation
of a 25-year relationship between the two companies. Their projects
include joint venture ownership of 12th & Midtown, a
multi-block development along Atlanta’s storied Peachtree Street, which
includes the 717,000-square foot 1075 Peachtree office tower and the
Loews Atlanta Hotel.
“The team at Daniel is looking forward to working with MetLife to
enhance Reynolds Plantation and position it for future generations,”
said Charlie Tickle, chairman and CEO of Daniel Corporation. “We will
bring a business approach to the operations to enhance the economic
viability and sustainability of Reynolds Plantation, which is key to
preserving and improving property values and attracting new residents
and members.”
Ritz-Carlton will continue to manage the hotel under its long-term
management agreement.
MetLife has a long history of investing in real estate in Atlanta and
the southeastern United States.