Starwood sells Turnberry hotel and golf resort for £55m
Starwood Hotels & Resorts has sold its 219-room Turnberry golf and hotel resort in Scotland to Dubai-based investment firm Leisurecorp for £55m.
Under the terms of the deal, announced today, Starwood will continue to operate the five-star resort, the host venue for the 2009 Open Championship, with a 30-year-plus management contract. The sale is expected to complete on 31 October.
Leisurecorp, which already works with Starwood on a number of developments, has committed to "significant investment" in the resort.
This includes a re-development and re-launch of the hotel, which is due to close in late 2008 and will re-open ahead of the Open, under Starwood's Luxury Collection brand. It previously ran under the Westin banner.
Sultan Ahmed Bin Sulayem, chairman of Leisurecorp's parent company, Dubai World, said: "We are delighted to be able to extend our strong relationship with Starwood through the addition of this strategically important asset to our portfolio.
"Turnberry is a world-class destination and we look forward to playing our role in its future success."
Roeland Vos, president for Europe, Middle East & Africa at Starwood Hotels & Resorts added: "We look forward to completing the sale and working with Leisurecorp to release the full potential of Turnberry."
CBRE Hotels acted for Leisurecorp, while Jones Lang La Salle represented Starwood.
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By Daniel Thomas
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