Turnberry sold for £55 million

May 21 2008

Dubai based Leisurecorp snaps up Ayrshire golf course

Dubai based company Leisurecorp has announced plans to purchase Turnberry for £55 million from Starwood Hotels & Resorts Worldwide.

Leisurecorp specialises in developments and investments in the sport and leisure sector and plans a major upgrade of the Ayrshire resort.

Starwood expects the deal to be completed by October 31, 2008.

Under the terms of the deal, Starwood will continue to operate the five-star resort, with a 30-year plus management contract.  
Turnberry, the venue for the 2009 Open Championship, is one of the world’s leading golf destinations, boasting two 18-hole Championship courses: the world famous Ailsa Course - which has already hosted The Open Championship three times - and the Kintyre Course. 

In addition the resort has the 9-hole Arran Course and the Colin Montgomerie Links Golf Academy. 

The hotel has 219 rooms which includes 12 lodges and 9 cottages as well as an outdoor activity centre, a spa and a wide range of banquet and conference facilities.

Leisurecorp will add Turnberry to a growing portfolio of sports and leisure assets which includes Jumeirah Golf Estates, home to the European Tour International Headquarters and the Dubai World Championship, the richest tournament in world golf, from November 2009; and Pearl Valley Golf Estates, home of the South African Open.

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 Europe, Middle East & Africa, Starwood Hotels & Resorts, said: “Starwood is already in partnership with Leisurecorp on a number of developments worldwide and we are delighted to be extending this relationship into Europe. We look forward to completing the sale and working with Leisurecorp to release the full potential of Turnberry.

"The resort has long been recognised as one of the world’s most prestigious golfing destinations and following the planned refurbishment of the hotel we look forward to re-launching the property under the Luxury Collection brand.”