Profits soar at Gleneagles
Profits for the five-AA-red-star, 232-bedroom Gleneagles hotel rose by a dramatic 559% to £3.6m in the year during the run up to the hosting of the Ryder Cup.
Turnover for the 12 months to 30 June 2014 grew by 12% to £43.5m, while tax before profit increased to £4.2m from £262,000 the previous year.
Profits in 2013 were down due to investment undertaken at the hotel, which included the refurbishment of the spa and improvements to the PGA Centenary Course, which hosted the Ryder Cup in September last year, attracting a global TV audience of hundreds of millions.
The hotel's annual results will be a boost to owners Diageo, the drinks giant, which is looking to sell the resort for around £200m.
At the end of last year it was announced that Peter Lederer was stepping down as chairman of Gleneagles and Patrick Elsmie was retiring as managing director. Elsmie has been replaced by the hotel's former general manager, Bernard Murphy.
Gleneagles for sale with £200m price tag >>
