SBD/5/Finance

ARNOLD PALMER SETS HIS SIGHTS ON BRANDED GOLF COURSES

          Arnold Palmer has teamed up with venture capitalist 
     Peter Nanula and the Hicks-Muse real estate opportunity to
     fund a $200M real estate investment trust (REIT) comprising
     of more than 20 golf courses around the U.S., according to
     Peter Slatin of the N.Y. POST.  For Palmer, a REIT is a
     "tax-effective way of lumping real estate assets -- such as
     golf courses -- into a single corporate entity."  Nanula and
     Palmer's objective is "to create the first true branded golf
     courses, using the model of brand-name hotels like
     Marriott."  The REIT will be "launched this spring by Smith
     Barney" and "is expected" to go public one day.  Sources
     "close to the company" say the REIT "will lease its courses
     back to their current operators."  At "about" 10 of the
     courses, Palmer's firm is already manager (N.Y. POST, 3/5).

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Finance, Marriott

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