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MERGERS AND ACQUISITIONS
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Seven-One Capital-Business acquires International Bay Clubs

The purchase includes the Balboa Bay Club and Newport Beach Country Club.

By Karly BarkerPublished: August 08, 2011 12:44 PM

Seven-One Capital-Business Inc. plans to purchase the International Bay Clubs Inc. (IBC), the parent company to the Balboa Bay Club and the Newport Beach Country Club.

“I have admired the Balboa Bay Club & Resort from the very first time I stayed there. We plan to continue the level of excellence in hospitality and club services that have made the BBC&R one of the world’s most admired resorts,” said Seven-One Capital-Business owner Winston Chung.

Following the purchase, Seven-One Capital-Business, which is a Delaware Corporation, will maintain IBC’s current management team under President and CEO David Wooten.

“The Balboa Bay Club and this community hold a special place in my heart, and I have always worked tirelessly to continue the legacy started by my late husband all those years ago,” said Parkhurst. “With a strong management team beside me, I am proud of all that I have been able to accomplish. Now with this sale, and the management team staying intact, I believe the future can only be bigger and brighter than it is today.”

Parkhursts husband William Ray was the owner of the Balboa Bay Club Resort until his passing in 1991.  During Parkhursts 40 year involvement with the club a 160-room resort hotel was added, as well as the private club with a marina and 145 apartments set on 15 acres.

In 1985 IBC purchased the Newport Beach Country Club, a private non-equity country club with an 18-hole championship golf course that sits next to Fashion Island. Planning has been underway to build a new clubhouse to replace the existing 50-year-old facilities.
 
“I want to assure the members of NBCC, that financing will be provided for the new golf clubhouse and other improvements to the course and facilities. A great deal of work has already been done on this new project, and we want to continue the momentum currently underway. Our goal will be to achieve “world-class” status for this outstanding golf course, situated in such a premier coastal location here in Newport Beach,” Chung stated.


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