Starwood Hotels & Resorts
has completed the sale of four hotels in Europe, one in Scotland and
three in Italy.
The iconic 219-room Turnberry Resort, Ayrshire, Scotland,
has been sold to Leisurecorp, the Dubai World company, for GBP 55 million
(approximately US$100 million). Starwood has signed a 50-year management agreement to manage the hotel and after
an extensive GBP 30 million (approximately US$49 million) restoration, the property will become a member of its prestigious Luxury Collection
"Turnberry is a significant addition to our property portfolio and we take seriously our responsibility of restoring the hotel and facilities to its
former glory," said Alan Rogers, Group-CEO, Leisurecorp. "At every stage, we will work with our own heritage consultant and with officers from
South Ayrshire Council and Historic Scotland, to ensure that the work is carried out sensitively and sympathetically. When the eyes of the world
fall upon Turnberry next summer at the 138th Open, we are determined that the venue will stand tall with pride, taking its rightful place as one of
the top golf courses in the world."
Leisurecorp, which has been operating in Dubai and across the world for several years identifying and acquiring sport, leisure and lifestyle
related investments, plans a major renovation and restoration that will keep the history of this award-winning iconic hotel alive. The 101 year old
hotel closed for refurbishment on 1 November 2008, to be restored to the vision of original architect James Miller, by renowned British interior
designer Mary Fox Linton. The resort, which boasts two 18-hole Championship courses, including the world famous Ailsa Course, is scheduled
to reopen in July 2009 as the venue for the 138th British Open Championship,
the fourth time the resort will have hosted this world class golf event.
also completed the sale of the 196-room Westin Excelsior in Venice Lido, Italy, the 191-room Hotel Des Bains in Venice Lido, Italy
and the 31-room Villa Cipriani in Asolo, Italy to Estcapital-SGR S.p.A. for 164 million Euros (approximately
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