Insurance giant MetLife revealed on Friday that it bought the sprawling Reynolds Plantation golf resort, located in Greensboro, Georgia.
MetLife, which bought the resort from Linger Longer Development Co., did not disclose the transaction amount. The deal is expected to close this summer.
The property includes the 251-room The Ritz-Carlton Lodge, Reynolds Plantation, as well as six golf courses, four marinas on Lake Oconee and 5,000 acres (464 sq m) of undeveloped land.
“I don’t think there are many assets in the country that are comparable to Reynolds,” Robert Merck, MetLife’s senior managing director and head of real estate investments, told The Atlanta Journal-Constitution. “When we think the time is right we will start developing more phases.”
Daniel Corp., Birmingham, Alabama, has been appointed to manage the property.