AYRSHIRE, SCOTLAND-A recent $312 million group sale of properties by White Plains, NY-based Starwood Hotels & Resorts Worldwide Inc., for four sites here and in Italy, included the Turnberry Resort here, the 2009 venue for the 138th British Open Championship. Leisurecorp, the Dubai World company, has promised to sink $49 million into the 219-room resort with two 18-hole courses, to prepare for the upcoming event.

Starwood sold Turnberry for $100 million, but entered into a 50-year management agreement for the property. The 101-year-old hotel has now closed for the refurbishment, and will reopen in July to host the event, said Starwood officials in a statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.