P&O was once one of Britain's biggest property developers but has gradually over the last few years been selling off its assets to focus on shipping and ports. But the jewel in the crown of its properties is the La Manga complex.
La Manga is a favourite haunt of actor Sean Connery and Formula 1 driver David Coulthard. The complex also includes a five-star Hyatt-run hotel, three golf courses, 28-court tennis centre and professional football training facilities set in 1,400 acres down in the south-east Spain.
The company has formally denied it is looking for offers but industry analysts argue that La Manga does not fit with a streamlined shipping company and could fetch as much as £40 million ($64.2 million).
La Manga was designed by American resort developer Gregory Peters 30 years ago. It now hosts the Spanish Open and has bid to host the Ryder Cup.
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