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01/07/2015
Diageo Announces Sale Of Gleneagles Hotel
Drinks company Diageo has announced the sale of the Gleneagles Hotel in Scotland.
The hotel and golf resort was purchased by Ennismore, a private investment company which owns a small Hoxton chain of boutique hotels.
Gleneagles was originally opened in 1924 and has been owned by Diageo since 1984.
The most recently published Gleneagles accounts show a turnover of over £43 million and an operating profit of £2.6 million.
The hotel hosted the Ryder Cup last September and a G8 summit ten years ago.
Ivan Menezes, Diageo Chief Executive, 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."
(LM)
The hotel and golf resort was purchased by Ennismore, a private investment company which owns a small Hoxton chain of boutique hotels.
Gleneagles was originally opened in 1924 and has been owned by Diageo since 1984.
The most recently published Gleneagles accounts show a turnover of over £43 million and an operating profit of £2.6 million.
The hotel hosted the Ryder Cup last September and a G8 summit ten years ago.
Ivan Menezes, Diageo Chief Executive, 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."
(LM)
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