Meadows family sells Summerhill Racquet Club in Fayetteville for $1.1 million
by October 17, 2017 8:57 am 1,740 views
Summerhill Racquet Club in Fayetteville recently sold for $1.1 million, and the new owners are planning an extensive remodel and upgrade to the facility.
The purchase price covers both the real estate and the business.
Paul and Karen Hickman and Curtis and Melanie Raymond are the new owners. They are also partners in Fayetteville firm CourtHouse Concepts Inc., a background screening and investigation company. It also has an office in Little Rock.
“They have a knack for business and saw this as an opportunity to grow upon what Summerhill already is,” said Jeff Pederson, a Fayetteville commercial real estate broker who represented both the buyer and seller in the transaction. “It seemed like a great business opportunity.”
The new owners have secured a $1.43 million funding agreement from Centennial Bank to finance the upgrades. Pederson said the new owners have not determined a design firm and contractor for the renovation.
“They are just now beginning to move forward with the construction process,” said Pederson, who works for Lindsey & Associates. “Their first objectives are to make sure the current membership is well taken care of and get a feel for how the business is operating before making any changes.”
Pederson said the club has about 450 members. The 31,652-square-foot building at 3480 Summerhill Drive includes three indoor and six outdoor tennis courts, racquetball court, nautilus weight training and cardio rooms, outdoor swimming pool and pro shop. The new owners are planning to cover two of the six outdoor courts, giving the club five courts that are covered year-round.
“The goal is to have an updated and modern tennis experience,” Pederson said. “From the locker rooms, tennis facilities and other amenities.”
The club’s former owner was Meadows Enterprises Inc., led by the late Bill Meadows, whose family founded the club in the late 1970s.
Meadows, who passed away last year, also was the former owner of Stonebridge Meadows Golf Club east of Fayetteville.