Starwood completes £55m sale-and-leaseback of Turnberry

Starwood Hotels & Resorts has completed the £55m sale and leaseback of the Turnberry Hotel and Resort in Ayrshire, Scotland to the Dubai World Company.

The hotel company has signed a 50-year management agreement with the investment firm, which has committed to a £30m restoration. The property, which closed this weekend, will re-open in July next year and become a member of Starwood's Luxury Collection portfolio.

Roeland Vos, president of Europe, Middle East & Africa at Starwood, said: "We look forward to this deal being the first in a long-term relationship with our new partners.

"Its vast experience in the sport, leisure and lifestyle investment market assures us that they will embrace the history and legacy of Turnberry and its internationally renowned Championship golf courses."

Alan Rogers, chief executive of Leisurecorp, part of Dubai World Company, added: "Turnberry is a significant addition to our property portfolio and we take seriously our responsibility of restoring the hotel and facilities to its former glory."

The resort, which boasts two 18-hole Championship courses, including the world famous Ailsa Course, is the venue for the 138th British Open Championship in 2009, the fourth time the resort will have hosted the event.

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By Gemma Sharkey

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