Darius M Hatami, MAI, Golf

Consulting Experience

Darius Hatami is Managing Director of HVS Golf Services, based in Capitola, California. Darius is a graduate of the University of Colorado and has been involved in various aspects of golf and community development for over 20 years. In 1995, Darius founded Golf Catalyst after beginning his career with THK Associates. In 2004, Darius became part of the HVS family, and provided studies to hundreds of golf and resort community clients throughout the United States, Canada, Mexico, the Caribbean, Central America, Asia and Europe. His expertise encompasses valuation and feasibility studies as well as strategic, financial, residential economic planning, membership planning as well as integrating golf with residential and resort aspects of master planned communities.

Darius worked with a variety of clients, including investment bankers, developers, exclusive private clubs and communities, resorts, as well as municipal and governmental entities. Specific clients have included international lenders and owners such as Lehman Brothers, Deutsche Bank, Barclays Capital, Club Corp, and CNL. Mr. Hatami has also provided litigation support, and testified as an expert in US Bankruptcy court. Properties appraised include Pinehurst, Peninsula Papagayo, The Yellowstone Club, Vilamoura, PGA West, PGA National TPC Sawgrass, La Quinta, Boca Raton CC, and Cordillera. He is a certified general appraiser in numerous states and has been a guest speaker on golf community and feasibility issues.

From 1998 until 2005, Darius served as Managing Partner of the Rio Grande Club, a high end resort/private golf club in South Fork, Colorado. This course was named as the 6th Best Upscale Public Course by Golf Digest in 2003. As Managing Partner, Darius has been involved in the day to day management of facility, as well as the integration of the golf club with the residential and resort aspects of the community. The range of responsibility included, defining the membership structure, assisting on management and personnel decisions and consulting on amenities and clubhouse design.

Education

University of Colorado-Boulder
Bachelor of Arts-Economics (1985)

NCRE 208 Standards and Ethics
NCRE 007-401 Real Estate Law and Practice

Appraisal Institute Courses:

• 110 - Appraisal Principles


• 310 - Basic Income Capitalization


• 320 - General Applications


• 410 - National Uniform Standards of Professional Appraisal Practice (USPAP)


• 420 - Standards of Professional Appraisal Practice Part B


• 510 - Advanced Income Capitalization


• 520-Highest and Best Use


• 530-Advanced Income and Sales


• 540-Report Writing


• 550-Advanced Applications


• 700 - The Appraiser as an Expert Witness: Preparation and Testimony

Clients

Affiliations

• The Appraisal Institute, Member


• Urban Land Institute, Member


• Certified General Appraiser, Colorado, Missouri, Washington


• Managing Partner, Rio Grande Club, South Fork, Colorado

Teaching and Lecture Assignments

• “Life Cycle of a Golf Course Community” CLE, July 2002


• Guest Lecturer - Colorado School of Mines “Market Feasibility Process,” 1994


• Resort Residential and Golf Development -- Shanghai, China, April 22, 2009


• Moderator " "Geographic Frontiers: Opportunities in Europe, the Middle East, Latin America, and the Caribbean" Urban Land Institute -- Developing Resort Communities Conference, March 2009


• “Golf in the High Country” Appraisal Institute, September 2007

Authored Publications

Inside Golf, “So You Want to Build a Golf Course?” - 1997

Expert Witness

• The Yellowstone Club -- Big Sky Montana--United States Bankruptcy Court


• The Canyons; Parker Water and Sanitation -- Parker, Colorado, Condemnation Valuation


• U.S. Department of Justice - Landmark Properties, various locations


• Haystack Mountain Golf Course - Boulder, Colorado


• Skyland Country Club - Crested Butte, Colorado

My Articles

Resort Real Estate Market Trends | Western Ski Markets

For the US Mountain region, and mountainous areas of the Pacific States, ski resort real estate markets are among the most luxurious in the country. The report is an overview of 10 year trends in sales, pricing and values as of the end of 2015.

• June 6, 2016 By Darius M Hatami

• Condo Hotels , Mixed Use , Resorts , Golf Courses and Clubs , Resort Residential , United States , North America

Thoughts from the Golf Industry Show - Part 3 of 3

This is the third in a 3 part series examining the state of the Golf industry. This article looks to the future of the industry, and the issues that will shape its financial health moving forward.

• July 15, 2013 By Darius M Hatami

• Travel & Tourism , Convention, Sports, Entertainment , Golf Courses and Clubs , North America

Thoughts from the Golf Industry Show - Part 2 of 3

This is the 2nd in a 3 part series examining the state of the Golf industry. The article explores the history and issues challenging the industry, the impacts to golf facility financials and value, and critical issues in future of the industry.

• May 28, 2013 By Darius M Hatami

• Golf Courses and Clubs

Thoughts from the Golf Industry Show - Part 1 of 3

This is the 1st in a 3 part series examining the state of the Golf industry. The article explores the history and issues challenging the industry, the impacts to golf facility financials and value, and critical issues in future of the industry.

• April 1, 2013 By Darius M Hatami

• Golf Courses and Clubs

Golf and Resorts - Why Golf is Still Relevant

While there is oversupply of golf in many markets, the tertiary impact of golf on the financial performance of resorts remains the driving force for inclusion. This article explores the impacts of golf on occupancy, rate and revpar at golf resorts.

• August 27, 2010 By Darius M Hatami

• Hotel Operations , North America

Unraveling the Chinese Golf Markets

The evolution of the golf in China has been dramatic. What are the long and short term prospects for golf in China? Look for our insights into industry status and an understanding of the prospects for the future growth of golfers and golf facilities.

• April 9, 2010 By Darius M Hatami

• Valuations & Market Studies , North America , China, mainland

Inside the Valuation of the Yellowstone Club

In 2009, HVS provided valuation and expert testimony for the Yellowstone Club in US Court. The appraisal of the private club, resort and master planned community, financed by Credit Suisse, shares insights into causes of the global financial crisis.

• November 20, 2009 By Darius M Hatami

• Lending , Development & Construction , Valuations & Market Studies , Economic Trends and Cycles , North America

Golf and Country Clubs: Setting Higher Goals for Profitability in Food & Beverage

There are many opportunities for golf clubs to operate the food and beverage facilities in a more efficient way that will save resources, deliver better product & services, keep customers happy and ultimately deliver more to the bottom.

• February 9, 2007 By Darius M Hatami , Juliette M. Boone

• Hotel Operations , Food & Beverage , Golf Courses and Clubs , North America

Golf and Country Clubs: Setting Higher Goals for Profitability in Food & Beverage

There are many opportunities for golf club and country club managers to operate their food and beverage facilities more efficiently while providing better products & services, conserving resources, keeping customers happy and delivering more to the bottom line.

• February 6, 2007 By Darius M Hatami

• Golf Courses and Clubs , United States , North America

The Municipal Golf Report

Financial and operating performance of municipal golf facilities along the Colorado front range.

• February 20, 2004 By Darius M Hatami

• Valuations & Market Studies , Economic Trends and Cycles , North America

Life Cycle of a Golf Course Community

Maximizing long term asset value through strategic and economic planning.

• February 20, 2004 By Darius M Hatami

• Asset Management , Development & Construction , Valuations & Market Studies , North America