Debt prompts Callaway Gardens land sale

Sunday, May 20, 2012 2:51 PM
Last updated 2:53 PM
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PINE MOUNTAIN, Ga. — Callaway Gardens plans to sell nearly a third of its property to settle heavy debt resulting from declining attendance and projects that have drained revenues in recent years, and says a prospective buyer is waiting in the wings.

Edward Callaway, chief executive officer and chairman of the Ida Cason Callaway Foundation, says resort operations have been suffering for a long time. The Columbus Ledger-Enquirer reports (http://bit.ly/Jpf4SX) the resort once attracted 1 million visitors per year, but attendance was down to 395,000 last summer.

The 13,000-acre resort turns 60 on Monday.

Callaway would not disclose who is buying the 4,000 acres. If the property’s sale goes through and a planned fundraising campaign is successful, the foundation wants to refurbish the park’s buildings and roads and turn it into a year-round attraction.

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KSL
131142
Points
KSL 05/20/12 - 04:50 pm
3
3
Another victim of the Obama

Another victim of the Obama owned economy.

belle
307
Points
belle 05/20/12 - 05:03 pm
0
0
Another victim
Unpublished

Another victim of not changing what you do to meet the current demands. The only way to keep any business going is to keep updating your systems and products. (I'm sure Obama didn't help though.)

my.voice
4860
Points
my.voice 05/20/12 - 08:28 pm
3
0
Or a business that foolishly

Or a business that foolishly took on more debt than it should have. I'm not an Obama fan, and in fact, he scares me, but you can't blame the president for a company that takes on too much debt.

seenitB4
88067
Points
seenitB4 05/21/12 - 06:57 am
0
0
Economy ?

The economy sank & took a few with it.....sorry to hear this....a beautiful place.........peaceful-quiet-calming-we always enjoyed our trips to Callaway.
Also FDR's history nearby...

Little Lamb
46349
Points
Little Lamb 05/21/12 - 03:57 pm
0
0
Excuse Me

Your attendance has dropped from a million to 400,000 and your business model is to change from a seasonal resort to year-round? Won't that just make the losses greater and faster?

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