Innisbrook Resort agrees to sell golf operations for $19.8M

Salamander Innisbrook LLC has agreed to sell Innisbrook Resort and Golf Club's golf courses and hospitality operations for $19.8 million to companies connected to Concert Golf Partners.

The deal, disclosed in a Securities and Exchange Commission filing on Nov. 3, would transfer the Palm Harbor resort to a national private-club operator. The resort employed 474 people at the end of 2025 and generated $46.5 million in revenue that year, as Tampa Bay Business & Wealth reported. Salamander will retain approximately 34 acres for future development.

Terms of the $19.8 million agreement

Salamander Innisbrook and its subsidiary entered the purchase agreement Oct. 28 with Concert Innisbrook LLC and CGP Innisbrook LLC, the SEC filing states. The buyers deposited $1 million in earnest money into escrow Oct. 30. The deposit is nonrefundable except under certain conditions outlined in the agreement and will be credited toward the purchase price at closing.

Dale Pelletier, Salamander Innisbrook's chief financial officer, signed the filing.

The sale is on an "as-is, where-is" basis. It includes three condominium units and related assets, plus the assumption of certain liabilities. The price is $19.8 million in cash, subject to prorations and adjustments.

The filing also provides for an additional $720,000 payment at closing under specified circumstances involving a separate agreement for Golf Host Securities Inc.

The company expects the transaction to close by Dec. 31, 2026, though the filing cautions there is "no assurance that the sale will close on the anticipated timetable or at all."

Closing is subject to several conditions, including required consents, title requirements and an agreement governing the retained development acreage.

Salamander expects to repay its outstanding Truist Bank loan in full at closing.

What the buyer gets

The acquisition would bring 63 holes of golf, restaurants, a spa and more than 65,000 square feet of meeting space into Concert Golf Partners' portfolio, according to Tampa Bay Business & Wealth.

The Lake Mary-based company owns and operates private golf and country clubs, including Carrollwood Country Club in Tampa. The addition of Innisbrook would expand its national portfolio of more than 40 private clubs.

Valspar Championship stays put

The tournament is not moving under the existing agreement.

Innisbrook's Copperhead Course has hosted the PGA Tour's Valspar Championship since 2000. An agreement keeps the event at the resort through 2030, and it is scheduled to return in May 2027, Tampa Bay Business & Wealth reported.

Financial backdrop

Salamander acquired Innisbrook in 2007.

The resort's $46.5 million in 2025 revenue was down 1.6% from the prior year, and the property reported a $2.15 million net loss following a $2.01 million loss in 2024, according to Tampa Bay Business & Wealth.

Room revenue fell 10.6%, with management attributing much of the decline to reduced lodging and food-and-beverage business following Hurricanes Helene and Milton.

Land retained for future development

Salamander previously sold approximately 54 acres at Innisbrook to Toll Brothers in 2023 for $12.5 million in net proceeds. Toll Brothers plans to build 122 single-family homes and 52 townhouses on that land.

Under the pending resort sale, Salamander will retain approximately 34 acres and related development entitlements.

No specific development plans have been announced for the retained acreage.