Thu, 02 Jul 2015 | BUSINESS SALE
Gleneagles Golf Club and Hotel has been sold to Ennismore, the company behind the trendy line of Hoxton hotels and venues in East London.
The acquisition will see Ennismore take control of the luxury Scottish establishment from its current owner Diageo. Although a price for the business sale has yet to be revealed, the BBC reported rumours that the sale went through for around £150 million.
Sharan Pasricha, founder and chief executive of Ennismore, said that the company is “delighted” to be acquiring the iconic hotel.
“We plan to operate Gleneagles as a stand-alone business – alongside the Hoxton – to ensure that its management team can preserve the special appeal of this Scottish landmark,” he added.
Diageo chief executive Ivan Menezes noted that Gleneagles is “not a core business” for Diageo, adding that the sale was prompted by the success of the Ryder Cup, which lead the business to see this as “an appropriate time to realise value through this transaction”.
Gleneagles was built in the 1920s. Last year it played host to the Ryder Cup golf tournament and it has previously hosted G8 leaders in its 232-room hotel.
The latest accounts for the hotel show a turnover of £43 million and operating profit of £2.5 million.
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