Teeing Off on Tradition: Historic Golf's Enduring Market Value

WASHINGTON, D.C. – June 17, 2026 – Historic Hotels of America, the official heritage tourism program of the National Trust for Historic Preservation, today unveiled its 2026 list of the Top 25 Most Historic Golf Courses. While the announcement presents a compelling travel guide for avid golfers, for investors it offers something more: a sharp insight into the enduring economic power of legacy assets in a market grappling with fatigue from fleeting trends. These properties are not just places to play; they are curated experiences built on a century of cultural capital, representing a formidable moat against the ephemeral.

As Lawrence Horwitz, Executive Vice President of Historic Hotels of America, noted, these are places where “families gather on them to make their own memories.” That sentiment, while warm, points directly to a cold, hard business reality: the value of authentic, irreplaceable experiences. In the 2026 investment landscape, where authenticity is a prized commodity, this list serves as a powerful reminder that history, when preserved and monetized correctly, is one of the most resilient assets a portfolio can hold.

The Golden Age as a Golden Asset

The list is a veritable hall of fame of golf course architecture, dominated by names from the sport’s “Golden Age” in the early 20th century. Designers like Donald Ross, A.W. Tillinghast, and Pete Dye are not just historical footnotes; they are the creators of brands that command immense loyalty and premium pricing. Playing a Donald Ross course is akin to owning a piece of art—an experience that cannot be replicated by a modern, mass-market facility.

Consider Pinehurst Resort in North Carolina. Its famed No. 2 course, a 1907 Ross masterpiece, has hosted more championship tournaments than any other course in America, including the 1999 U.S. Open duel between Payne Stewart and Phil Mickelson. This history isn't just trivia; it's a powerful marketing narrative that cements Pinehurst's status as a global destination. Similarly, The Omni Homestead Resort in Virginia boasts the oldest first tee in continuous use in the United States, dating to 1892. Presidents from McKinley to Taft have walked its fairways, weaving the property into the fabric of American history. This pedigree provides a level of market differentiation that new developments can only envy.

These courses are more than just layouts; they are living museums. Jekyll Island Club Resort in Georgia, for instance, was the site of 1924 USGA tests that ushered in the era of steel-shafted clubs, fundamentally changing the game. Playing its Great Dunes course offers a tangible connection to a pivotal moment in sports history. “You’re not just paying for 18 holes of golf,” one golf historian explained. “You’re paying for the story, the prestige, and the sense of place. That’s an economic advantage that appreciates over time.”

The Economics of Experience: Heritage Tourism's Premium Play

The properties on this list are masters of experiential tourism, a sector that continues to outperform. They expertly blend high-stakes sport with luxury hospitality, creating a compelling value proposition for affluent travelers. The settings themselves are a core part of the product: The Broadmoor in Colorado Springs is set against the dramatic backdrop of Cheyenne Mountain, while Mauna Kea Beach Hotel in Hawaii features the world’s first course built on an ancient lava flow. These are not just resorts; they are destinations with an unassailable sense of place.

This unique positioning allows these historic hotels to command premium rates and foster deep customer loyalty. Inclusion on the Historic Hotels of America list further burnishes this reputation, acting as a third-party validation of quality and significance. It’s a mark of distinction that translates directly to the bottom line. As one industry analyst noted, “These historic designations are a form of non-traditional intellectual property. They create a narrative that drives direct bookings and reduces reliance on third-party aggregators, boosting margins.”

From the Ojai Valley Inn, a favorite of Hollywood celebrities since the 1920s, to the Tubac Golf Resort and Spa, immortalized in the film Tin Cup, these properties leverage their cultural resonance to attract a diverse clientele. They are not merely competing on amenities; they are competing on legacy. This focus on heritage provides a stable foundation, insulating them from the cyclical nature of travel trends that affect less-differentiated properties.

The Preservation Playbook: Investing in Longevity

Maintaining a century-old golf course is a significant undertaking, but viewing it as a mere expense is a strategic error. The ongoing renovations and restorations across these properties are better understood as capital investments that protect and enhance the core asset. The challenge lies in balancing historical integrity with the demands of the modern game, a task these resorts are tackling with sophisticated, forward-thinking strategies.

Jekyll Island’s Great Dunes Course recently underwent a multimillion-dollar restoration, combining its original nine holes with nine reimagined ones to create a cohesive, modern experience that honors its designer, Walter Travis. The Inn at Death Valley’s Furnace Creek Golf Course, the world's lowest, has become a model of environmental stewardship, implementing a state-of-the-art irrigation system and achieving water-neutral status. These are not just maintenance projects; they are strategic initiatives that enhance playability, ensure sustainability, and reinforce the brand's commitment to quality.

This “preservation playbook” is a long-term strategy that yields dividends. By meticulously restoring the visions of architects like Ross and Tillinghast, as seen at Omni Bedford Springs Resort & Spa, these hotels are ensuring their product remains relevant and compelling for the next generation of golfers. This commitment to stewardship, championed by the National Trust for Historic Preservation, transforms a historical artifact into a dynamic, revenue-generating asset, proving that the best way to honor the past is to invest in its future.