Dubai snaps up $108mn Scottish golf resort

HOTEL REDEVELOPMENT: Leisurecorp has agreed to buy Turnberry (pictured) and plans to investment in the redevelopment of the hotel. (Getty Images)

Dubai-based Leisurecorp is to acquire the Turnberry golf resort in Scotland for $108 million and plans to redevelop its hotel in time for when it hosts next year's Open Championship.

Leisurecorp, part of state-owned conglomerate Dubai World, said on Wednesday it has signed a letter of intent with current owner Starwood Hotels & Resorts Worldwide to purchase the five-star resort.

The company said following the purchase Starwood would continue to operate the resort under a 30-year plus management contract.

As part of the agreement Leisurecorp has committed to an undisclosed investment in the resort, including the full redevelopment and relaunch of the 219-room hotel, which will close later this year and reopen prior to the championship in July 2009.

Turnberry has two 18-hole golf courses - Ailsa and Kintyre - plus a nine-hole course and a Colin Montgomerie-branded academy.

Leisurecorp’s portfolio of sports and leisure assets include Jumeirah Golf Estates, home to next year's Dubai World Championship, and Pearl Valley Golf Estates in South Africa.

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