The 1,220-acre resort on Costa Calida comprises two luxury hotels, three championship golf courses, a 28-court tennis complex and an eight-pitch professional football center, which opened in 1998 and is considered one of the best football training resorts in Europe. More than 175 professional teams have used it.

The acreage includes 1,675 luxury villas and apartments, as well as a further 84 acres of land for further residential or commercial developments. P&O bought La Manga in 1987 and has spent euro 55 million ($45.2 million) on constructing new hotels and upgrading sports facilities over the last five years.

The auction of La Manga is expected to take months, according to strategy director Peter Smith. He adds that the exclusive resort might attract interest from wealthy individuals as well as trade buyers and private equity groups. Although the resort has a range of facilities, Smith stresses that its bread and butter was golf and tennis, the source of the resort's growth for the 17 years P&O has been owner. The resort had earnings of euro 7.5 million ($9.1 million) last year but that had been invested in expanding the site to 1,220 acres.

"I am sure that a new owner will wish to build on these achievements and take the club on to its next stage of success," P&O chairman Lord Sterling says. He adds that the disposals were in line with its P&O's strategy of focusing on its core operations.

The company also announced is has sold the Manchester Evening News Arena to Anschutz Entertainment Group for euro 59.6 million ($72.7 million).