Starwood sold Turnberry for $100 million, but entered into a50-year management agreement for the property. The 101-year-oldhotel has now closed for the refurbishment, and will reopen in Julyto host the event, said Starwood officials in a statement.

The resort here has already hosted the golf tournament threeother times. "We take seriously our responsibility of restoring thehotel and facilities to its former glory," said Alan Rogers,Group-CEO, for Leisurecorp. The company already owns manyprestigious entertainment resorts around the world, including PearlValley Golf Estates in South Africa, Snow mass Colorado andJumeirah Golf Estates in Dubai, which will begin hosting the $10million Dubai World Championship next year.

Estcapital-SGR SPA, an Italian real estate investment firm,bought the other three Italian hotels for $212 million fromStarwood. The portfolio included the 196-room Westin Excelsior andthe 191-room Hotel Des Bains in Venice Lido and the 31-room VillaCipriani in Asolo. Starwood officials did not return calls forcomment about the Italy hotel sales.