Diageo has completed the sale of the Gleneagles hotel and luxury resort to a private investment group led by London-based Ennismore.
Ennismore also owns the Hoxton brand, which comprises hotels and hospitality venues in Europe and the US.
Gleneagles Hotel was opened in 1924 and has been wholly owned by Diageo since 1984. It has played host to international summits as well as the Ryder Cup golf competition.
A price of more than £150m is expected to be paid.
In the year ended 30 June 2014 the business generated revenues of £43.5m and an operating profit of £2.6m with a return on invested capital of 4% based on book value for the year ended 30 June 2014.
Diageo chief executive Ivan Menezes said: “Diageo is proud to have been the owner of Gleneagles but the hotel is not a core business for us and therefore following the success of the Ryder Cup we feel this is an appropriate time to realise value through this transaction. I am pleased that Diageo’s brands, especially our Scottish brands, will continue to be an important feature at this iconic Scottish hotel. We wish Ennismore and all the staff at the hotel a successful future.”
JLL advised on the sale.
