Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.