De Vere sells Belfry but retains management contract

10 February 2005 by
De Vere sells Belfry but retains management contract

Hotel chain De Vere has sold the 324-bedroom De Vere Belfry hotel, famous for hosting the Ryder Cup, to Irish-based insurance and leisure group Quinn for £186m.

Under the terms of the deal, De Vere will continue to manage the north Warwickshire four-star hotel under a 25-year contract.

Completion of the transaction is expected to take place next month.

De Vere chairman Peter Daresbury said: "The sale of The De Vere Belfry, at a near 50% premium to its book value, will enable the board to return around £183m to shareholders and highlights the commitment of management to delivering value.

"The sale-and-manage-back structure will enable De Vere to continue to operate the hotel under the De Vere brand for 25 years without the need to employ the group's capital," he added.

De Vere bought the Belfry in 1973.

by Nic Paton

Buy this week's Caterer magazine for more industry news and analysis

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking