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De Vere sells Belfry but retains management contract

10 February 2005 by

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

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