Claremore Daily Progress

Breaking News

Business

March 5, 2010

Shangri-La Resort sold to Tulsa businessman

Kyle Arnold Associated Press

TULSA — The Shangri-La Resort at Monkey Island in northeastern Oklahoma is being sold to Tulsa businessman Eddy Gibbs.

A purchase price was not disclosed.

Gibbs said he plans to immediately start construction on a new clubhouse to accompany the resort's two 18-hole golf courses.

Gibbs is owner and CEO of Ameristar Fence Products, a 35-year-old Tulsa manufacturer with about 500 employees. He is also a longtime member of the resort.

Previous owner Peter Boylan III purchased the property in 2005 for $5 million with aspirations for a new hotel and residential development to match the golf courses and waterfront views, but the weak economy hampered those plans.

Boylan's group has already torn down the resort's convention and recreation centers. Shangri-La's former lodge has also been prepared for demolition.

The only physical structure left on the property is the golf course's pro shop, which under Gibbs' plan will soon be replaced.

Gibbs steps in with plans for a luxury clubhouse without any mention of broader development.

"When Eddy approached me about acquiring the resort and outlined his development plans, his passion was obvious and it was clear to us that his plan was solid and would be in the best interest of the community," Boylan said in a statement. "As a result, we agreed to sell the resort to him at a price that would allow him to make the investment necessary in lieu of the alternative."

Plans call for a new 6,000-square-foot lake-view clubhouse with a pro shop, meeting space as well as a restaurant and bar. Owners have not chosen an exact location for the new clubhouse.

"My acquisition was only possible because we were able to work out a mutually beneficial transaction at a price that allows me to make the material investment in the resort," Gibbs said in the statement.

Text Only
Business
  • Claremore restauranteur nominated to Will Rogers Memorial Commission

    Hammett House Restaurant owner Bill Biard and Owasso resident Phillip D. Hixon have been nominated to two vacancies on the Will Rogers Memorial Commission. They are on the agenda for committee approval Tuesday afternoon at the Oklahoma State Capitol.

    May 19, 2012

  • ‘A Day Without Business’: Summit to train businesses in continuity planning

    If disaster occurred, how long could your company go without doing business and still survive? 

    September 19, 2011

  • xa-kialegWEB.jpg Tribe attorney accuses AG of conflict of interest

    The attorney for an American Indian tribe suggested Thursday that Oklahoma's attorney general opposed the tribe's plan to build a casino in a Tulsa suburb because he's from the area.

    May 17, 2012 1 Photo

  • Rep. Boren strongly opposes GRDA Tulsa move

    U.S. Congressman Dan Boren expressed his strong opposition to the announcement that the Grand River Dam Authority (GRDA) will be purchasing a new facility in Tulsa, rather than carrying out their plans to expand their existing facility in Pryor, Oklahoma.

    May 17, 2012

  • OK.gov unveils newly designed web portal

    The state of Oklahoma unveiled a new design and major functional enhancements to the official state web portal, OK.gov.

    May 1, 2012

  • Top EPA official resigns over 'crucify' comment

    The Obama administration's top environmental official in the oil-rich South Central region has resigned after Republicans targeted him over remarks made two years ago when he used the word "crucify" to describe how he would go after companies violating environmental laws.

    May 1, 2012

  • David_Stewartweb.jpg Stewart gets $2.675M in separation agreement with CNB

    Cherokee Nation Businesses, LLC announced that it has finalized a mutually agreed upon separation agreement with former Chief Executive Officer David Stewart.

    May 1, 2012 1 Photo

  • 2012-Claremore-State-Awardweb.jpg Best in State: Downtown project wins top award

    Claremore Main Street’s partnership with Youth Leaders in Action, an organization dedicated to promotion of youth entrepreneurship, took home the Best in the State Award at the annual Oklahoma Main Street Banquet in Oklahoma City.

    April 27, 2012 1 Photo

  • Bogus bill boy bagged

    Police have arrested a Owasso man Monday for attempting to pass a counterfeit bill and are looking into whether or not he is connected to a recent string of counterfeit bills showing up at local businesses.

    April 25, 2012

  • pso-plant-oologahweb.jpg Agreement struck between PSO and EPA

    Public Service Company of Oklahoma and the Environmental Protection Agency have reached an agreement on federal air quality rules for PSO’s two coal-fired power plants in Oologah.

    April 24, 2012 1 Photo