GREENVILLE, S.C., Aug. 28, 2012 /PRNewswire/ -- The Cliffs Communities, a distinctive lifestyle community in the heart of the Carolinas, is proud to announce today that the entities known as the Cliffs Club and Hospitality Group, Inc., have emerged from Chapter 11 bankruptcy proceedings under the ownership of Silver Sun Partners, LLC.
Formed as a partnership between The Carlile Group, a diversified company based in Marshall, Texas, Arendale Holdings, a real estate investment and development company specializing in residential communities and golf course operations, and SunTx Urbana, a real estate management and development company – Silver Sun Partners provides The Cliffs with the capital to deleverage, operate and improve a network of clubs and amenities. Collectively, the partnership offers the professional management, club operations and real estate development experience needed to deliver a global solution that ensures a strong future while upholding the distinctive lifestyle and brand of The Cliffs Communities.
"We want to express our sincere gratitude to the members, management team and employees who have helped shape the future direction of the clubs," said Steve Carlile, Board Member of Silver Sun Partners. "Your patience and cooperation throughout this challenging process has allowed us to reorganize in a way that positions The Cliffs to emerge as the preeminent luxury golf and wellness community in the country."
"The collaborative effort of the Silver Sun partnership and the various stakeholders resulted in a swift resolution to an extremely complex transaction. I am confident that Silver Sun provides the depth of capital and management experience to best position The Cliffs for the future," according to Katie Goodman, Chief Restructuring Officer for the Cliffs Club and Hospitality Group and Managing Partner of GGG Partners, LLC.
Effective immediately, Silver Sun Partners will begin club operations under the management of its subsidiary, Cliffs Club Partners, LLC, while leveraging real estate sales and marketing programs through another subsidiary, Cliffs Land Partners, LLC. The partnership has committed significant capital resources that will create immediate stability within the clubs while preserving and enhancing real estate values within The Cliffs Communities. Cliffs Club Partners is also planning continued amenity improvement and development, which was halted during bankruptcy proceedings.
The executive team of Silver Sun Partners expects to announce additional operational and real estate updates in the near future. For more information, please visit www.cliffsinfo.com.
ABOUT SILVER SUN PARTNERS
Silver Sun Partners, LLC, joins the Carlile Group, a diversified company based in Marshall, Texas, SunTx Urbana, a Dallas-based developer and manager of mixed-use residential communities, and Arendale Holdings, a Jacksonville-based real estate investment and development company specializing in residential communities and golf course operations. Silver Sun Partners has established Cliffs Club Partners, LLC, and Cliffs Land Partners, LLC, respectively to manage club operations as well as real estate sales, marketing and development. Collectively, the partnership delivers industry-leading expertise in private club operation and luxury real estate development.
Jennifer Nicholson | The Cliffs Communities
[email protected] | 864.404.7605
SOURCE The Cliffs Communities