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.
Follow us on
