Bloomfield Hills, Mich., January 28, 2016 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Drummond Island Resort and Conference Center located on Drummond Island, Mich.
The acquisition between Princeton Enterprises and Bayside, Inc. was closed with the assistance of Tom Gray from Coldwell Banker Schmidt Real Estate, Inc. on January 22, 2016.
The purchase encompasses 2,000 acres of woods, water, wildlife and over 8,000 feet of lakefront property. The Drummond Island Resort and Conference Center consists of three restaurants, a bowling alley, a 20,000 sqft airplane hanger, the prestigious 18-hole golf course The Rock, as well as extensive property for recreational activities such as hiking, fishing, kayaking, snowmobiling, snowshoeing and many other seasonal activities. The Hunt Club, a 110-acre parcel of land was also included in the purchase. The Drummond Island Resort and Conference Center is a popular corporate retreat location and offers a beautiful setting for weddings and other major events.
The resort was built and established by Domino’s Pizza Founder and former Detroit Tiger’s Owner, Tom Monaghan. The property was then obtained by Clifton Haley, former CEO of Budget Rent-a-Car Corp., and Denny Bailey. Bailey’s family helped settle the island according to an article published in Michigan Golfer magazine.
“Drummond Island, while more remote, has the same kind of physical beauty that makes northern Michigan so magnificent,” stated Matthew B. Lester, Founder and CEO of Princeton Enterprises. “Purchasing the Drummond Island Resort makes tremendous sense as a real estate investment and allows Princeton to combine its management expertise with the untouched splendor of the Upper Peninsula.”
Princeton Area Directors, Bert Hyman and Rob McCrary, are spearheading the Drummond Island transition and enjoying a warm welcome from local residents and businesses. McCrary says, “The Drummond Island Resort staff has been amazing and the sense of community on the island is absolutely wonderful”.
“As we take on roles in the golf, entertainment and hospitality businesses we get a chance to grow, learn, and operate in a way that only Princeton can,” Lester said. “The Drummond Island Resort and Conference Center has remained open through the seamless transition.”
For additional information on this announcement or Princeton Enterprises, please contact Michele Dreer at (248) 683-2500 or firstname.lastname@example.org.
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About Princeton Enterprises:
Princeton Enterprises, L.L.C. located in Bloomfield Hills, Mich., is a premier real estate acquisition, development, and property management company that enjoys one of the finest reputations for successfully acquiring, repositioning and operating a diverse portfolio of real estate assets including multifamily housing, office, storage, and other commercial facilities. Founded in 1995 by Matthew B. Lester, the company has acquired 125 properties with an aggregate value of $1 Billion and has grown to more than 600 employees and over 20,000 individual apartment units in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, and South Carolina.
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