The sale follows a strategy announced last April by Carl Leaver, the incoming De Vere chief executive, to "drive value for shareholders." The company has also faced pressure from Guinness Peat Group, the investment company, to sell hotels and return cash to shareholders.

In a statement, De Vere officials said that the sale of the Belfry would "realize significant value" for investors. " The price, which reflects the unique status of the De Vere Belfry as a destination golf-and-leisure hotel, represents a value that the board considers to be highly attractive, the statement added.

The hotel, which achieved underlying earnings of euro 20.79 million ($26.99 million) in the first three quarters of 2004, has a book value of euro 183.49 million ($238.20 million). De Vere bought the Belfry, outside Birmingham, in 1973.

Quinn Group spokespeople said the purchase would underpin UK expansion plans. "In addition to providing a satisfactory return on a stand-alone basis, this asset will provide the group with an excellent base for meeting customers and business associates in high quality surroundings," Liam McCaffrey, the group chief executive, said. The group also owns the Slieve Russell Hotel and leisure complex in Ireland, the Quinn Direct Insurance chain and Quinn Glass, which is constructing a manufacturing and bottling plant near Chester.

The sale of the Belfry, which hosted the Ryder cup in 1985 and 2002, follows the euro 189-million ($245.32-million) purchase of Wentworth from Chelsfield, by retail entrepreneur Richard Caring. Then at the end of last year, Spanish leisure and property company MedGroup, 90% owned by Soros Real Estate Investors, paid euro 148.30 million ($192.48 million) for La Manga.