Drive Shack plans to open between 35 and 40 Puttery venues within the next three years, according to its Letter of Agreement with PGA Tour star Rory McIlroy’s Symphony Ventures investment fund.
Drive Shake and McIlroy this week announced a long-awaited agreement whereby Symphony Ventures will invest $10 million in mini-golf Puttery venues over the next three years. The Letter of Agreement states that Drive Shack, which plans to open Puttery venues in Dallas and Charlotte, N.C., this summer, has plans to open 10 Puttery Venues in 2022 and 20 Puttery Venues in 2023.
Subject to market conditions and geographic factors, Drive Shack – in the LOA- said it intends the “cost to build’’ a Puttery will range between $6 million and $8 million each.
Nothing in the LOA or Drive Shack’s statements indicate what McIlroy’s personal involvement will be in the Puttery, or if McIlroy has a personal, financial stake in Drive Shack or any of its businesses.