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Dubai: Leisurecorp, the Dubai World company, on Wednesday said, it plans to purchase Turnberry, the host venue for the 2009 Open Championship, from Starwood Hotels & Resorts Worldwide, Inc. for £55 million.
"The companies have signed a Letter of Intent for the sale and purchase of the hotel and golf resort, which the parties expect to be completed by 31 October 2008," Leisurecorp said in a statement.
Under the terms of the deal, Starwood will continue to operate the five-star resort, with a 30-year plus management contract.
The deal strengthens the position of the Dubai-based investor and developer of golf courses among one of the top players in the world.
"This makes an extraordinary hatrick for us, especially now that we have three championship golf tournaments within our growing profile," Alan Rogers, Group Chief Executive officer of Leisurecorp, told Gulf News in a phone-in interview from London.
"This takes our investment portfolio to $1 billion (Dh3.67 billion), so far.
“Our ambition at Leisurecorp is to become one of the world’s leading sports and leisure companies. The addition of Turnberry to our collection of golf course developments will further enhance our world class portfolio.
Turnberry is one of the world’s leading golf destinations, boasting two 18-hole Championship courses: the world famous Ailsa Course - which has already hosted The Open Championship three times - and the Kintyre Course.
In addition, the resort has the 9-hole Arran Course and the Colin Montgomerie Links Golf Academy.
The iconic hotel has 219 rooms which includes 12 lodges and 9 cottages as well as an outdoor activity centre, a spa and a wide range of banquet and conference facilities.
“You only have to look out across Turnberry’s Ailsa Course towards the landmark lighthouse to know that the resort is one of the world’s greatest golf destinations.
"We are looking forward to working with Starwood on finalising and announcing our future development plans for the resort over the coming months," Rogers said.
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