Published Oct. 24, 2013
“The sale is part of a new strategic direction for Greenwood Communities and Resorts, which will return to the company’s original mission of resort management and development,” according to a company statement.
The price of the sale was not disclosed. Kolter Acquisitions is an affiliate of Palm Beach, Fla.-based Kolter Homes LLC, which develops large master-planned communities throughout the Southeast.
Greenwood Communities and Resorts purchased Hilton Head Island’s Palmetto Dunes Oceanfront Resort in 1979. It plans to focus on resort operations and management as part of the shift in strategy.
“We are ready to get back to the business we know best: resort management,” Greenwood President and CEO Bubba Self said in a statement. “Our core business began as resorts with Palmetto Dunes Oceanfront Resort, and we are glad to get back to our roots and focus on this popular and beautiful oceanfront property.”
The Ponds include a pool, outdoor pavilion, 11-acre multipurpose field, a restored historic farmhouse, an amphitheater, several neighborhood parks, a 1,100-acre nature preserve, and the land for a proposed new K-8 public school.
Kolter Homes is a division of the parent company The Kolter Group LLC, a private investment firm focused on real estate development, investment and construction.