Ten days after Richard Caring sold Annabel’s at 24 times earnings, Apollo has sold Invited Clubs back to KSL at 8. Same decade. Same asset class. A third of the multiple. The gap is the clearest possible answer to the question every American club board should be asking — what is our brand actually worth, and are the decisions we’re making this quarter the ones that move the answer up, or the ones that move it down?
