Sale of land helps Callaway Gardens' finances

PINE MOUNTAIN, Ga. (AP) – Callaway Gardens has sold another 2,560 acres of land that its chairman says put the Pine Mountain resort on sound financial footing. Chairman and CEO Edward Callaway said the forested land was sold Thursday to Atlanta real estate broker Brad Smith for $4.63 million. Smith told the Columbus Ledger-Enquirer that he plans to use it for recreation because his two teenage sons like to hunt. The deal completes Callaway Gardens' strategy of selling off large pieces of land to pay down a debt that had grown to more than $44 million in March 2011. In July, the resort's foundation sold 4,500 acres to Lands' South Ventures LLC, headed by Waffle House Chairman and CEO Joe Rogers Jr., for $8 million.
The resort also sold its conference center to Atlanta-based Noble Investments for $12 million, along with 40 cottages for $4 million. Callaway, the grandson of the founders, said the land has been reduced from 13,000 acres to 6,000, and there are no plans to sell any more. He said total debt for the foundation and the resort is down to $7.5 million, which he called a sustainable level. Callaway Gardens has seen annual visitation drop from a peak of 1 million to less than 400,000 last year, but Callaway said the resort should finish the year up 5 to 10 percent. "Here's my analogy: We were 35 feet below water and drowning, and now we're 10 feet above water, our heads well above water," he said. Fixing the finances allows Callaway Gardens to think long term about how to fulfill its mission of connecting families with nature and the outdoors, he said. "Well probably catch our breath this fall and think through what we want to do next year and the year after to start adding things for people to do," he said. --- Information from: Columbus Ledger-Enquirer, http://ledger-enquirer.com © 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More Local

Coweta Board of Commissioners

Rezonoing, variances on agenda Tuesday

A public hearing on the rezoning of property near the intersection of Hwy. 34 East and Ruth Drive is on the agenda for Tuesday’s meeti ... Read More

Published on Sunday, May 19, 2013

Rapper: I want to help young artists

Newnan youths looking for some relief from the summer heat (and boredom) might want to consider looking up Mizzle Enterprise on Macedonia Ro ... Read More

Published on Sunday, May 19, 2013

Coweta County Schools

High school graduations start Wednesday

As the Coweta County school year comes to a close, the county’s high schools are preparing for their major year-end events. The last d ... Read More

Published on Sunday, May 19, 2013

Memorial Day event scheduled in Senoia

It’s almost Memorial Day, and that means it’s time for Senoia’s 8th Annual Memorial Day Remembrance and Festival.  Th ... Read More

Published on Sunday, May 19, 2013

Student-Vet Connect

Veterans share memories

Newnan High School’s students got the privilege on Friday to thank the very men and women Armed Forces Day today commemorates. About 1 ... Read More

Published on Saturday, May 18, 2013