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.
The resort here has already hosted the golf tournament three other times. "We take seriously our responsibility of restoring the hotel and facilities to its former glory," said Alan Rogers, Group-CEO, for Leisurecorp. The company already owns many prestigious entertainment resorts around the world, including Pearl Valley Golf Estates in South Africa, Snow mass Colorado and Jumeirah Golf Estates in Dubai, which will begin hosting the $10 million Dubai World Championship next year.
Estcapital-SGR SPA, an Italian real estate investment firm, bought the other three Italian hotels for $212 million from Starwood. The portfolio included the 196-room Westin Excelsior and the 191-room Hotel Des Bains in Venice Lido and the 31-room Villa Cipriani in Asolo. Starwood officials did not return calls for comment about the Italy hotel sales.
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