Five Seasons Family Sports Club, Covington, KY, has sold its club in Westlake, OH, to a next-door software development company for a reported $11.1 million.
Five Seasons Family Sports Club, Covington, KY, has sold its club in Westlake, OH, to Hyland Software, a document management software developer that has an office next door to the club, the Cleveland Plain Dealer reported.
Hyland Software paid $11.1 million for the club and surrounding land, according to county records reported by the newspaper.
In a letter to members posted today on the company's website, Five Seasons COO Thomas Deere wrote that the economic environment "has made operating the club very challenging" and that Five Seasons was presented with "a significant opportunity to sell to an adjacent property owner that we simply cannot ignore."
Five Seasons had operated the club in Westlake for 13 years. Members will continue to have access to the club through May 31.
Five Seasons, which operates six other clubs in Ohio, Kentucky, Illinois and Indiana, was No. 38 on Club Industry's Top 100 Clubs list in 2012 with a reported $30 million in 2011 revenue.