The Crown Estate has submitted plans for a £180m redevelopment of Ascot, its famous Berkshire racecourse.
The Crown has been planning the scheme for the past five years in a bid to improve “increasingly outdated” facilities. The course’s main stands are over 40 years old.
Along with improvements to the stands and realigning of the track, the proposals include a 190-room hotel located in the main stands, a restaurant and covered concourse.
The rooms will become hospitality suites during the races. Ascot plans to bring in an established operator to manage the hotel.
The redevelopment will be partly paid for using reserves of over £60m which the racecourse has accrued following an 87% increase in profits over the past year.
The remaining funds will be raised from bank loans which it expects will be paid back within 10 years.
A spokesman for Ascot said: “Its a pretty safe bet for banks that they will get their money back. Ascot is bound by its Act of Parliament to only use profits ‘to promote the welfare and prosperity of the Ascot Races’.
“We’ve built up this money, and we’re not allowed to spend it on anything else.”
The scheme was designed by Rod Sheard of HOK Sport+Venue+Event, the designer responsible for the Millennium Stadium in Cardiff and Stadium Australia for the 2000 Olympics.
EGi News 01/07/02
