I believe it's <a href="https://applications.members.clubcorp.com/portal/pls/portal/!ccone.one/<span class='eloquaemail'>Hashed_URL1</span>">Enroll Now</a> - you'd use a single quote (') instead of a double quote (").
Also, if you have a CDO field merge for this particular email, are you capturing clickthroughs some how? I don't think the standard Eloqua tracking applies when you use field merges on links like this.