MetLife is the new buyer for Reynolds Plantation, company officials have announced.
Reynolds employees, property owners and members were notified Wednesday, according to Reynolds’ officials.
MetLife will buy the Ritz-Carlton Lodge, six golf courses, four marinas and nearly 5,000 acres of undeveloped golf and waterfront property.
The sale is expected to be completed during the summer. Terms of the sale were not disclosed.
The impending sale was disclosed three weeks ago by the court-appointed receiver for Reynolds, but the buyer was not announced until Wednesday.
MetLife will hire Daniel Corporation to oversee day-to-day operations at Reynolds Plantation.
Daniel will work with MetLife’s Atlanta regional office, headed by Regional Director Tom Coakley.
“Reynolds Plantation is an exceptional development, and we’re excited about the opportunity to become the new owner,” Robert Merck, senior managing director and head of real estate investments for MetLife, said.
“This is a premier community with world class amenities, a great reputation and a strong future,” he added. “MetLife has been a real estate investor for over a century, and this transaction represents an outstanding investment opportunity for us.”
MetLife and Daniel have a 25-year relationship. Their projects include joint venture ownership of 12th & Midtown, a multi-block development along Atlanta’s Peachtree Street. It includes the 717,000-square-foot Peachtree office tower and the Loews Atlanta hotel.
Ritz-Carlton will continue to manage the hotel under its long-term management agreement.