US property tycoon Donald Trump has announced that a deal to buy the iconic Turnberry golf resort in Scotland from Leisurecorp, a unit of the Dubai government, has been completed.
The Trump Organisation confirmed the purchase had been closed for the entire South Ayrshire complex, including the hotel, for an undisclosed sum which is understood to be less than the $92.7 million paid by Leisurecorp in 2008.
It added that Donald Trump will be travelling to Turnberry on July 2 to reveal his plans for the resort which includes a major refurbishment costing at least £100 million.
The name of the resort will be changed to Trump Turnberry, a Luxury Collection Resort, Scotland and will be solely owned and managed by The Trump Organisation. The hotel will be included in The Luxury Collection brand as part of a franchise agreement with Starwood Hotels & Resorts.
“I am honoured to own and manage this magnificent property, perhaps the most exciting property there is. We will be spending a great deal of time, effort and money to make Trump Turnberry the finest resort of its kind anywhere in the world, said Trump, chairman and president of The Trump Organisation.
Trump currently owns 16 golf resorts around the globe and is developing Trump Estates in Dubai which includes more than 100 luxury villas overlooking a Trump-branded golf course within the Akoya by Damac.
The 18-hole PGA Championship golf course, to be named Trump International Golf Club, Dubai, will be spread across 6,588 metres and have a par of 71.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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