May 22nd, 2017
The Belfry to be sold again
As existing owners put it up for sale
The current owner of the Belfry golf resort has decided to sell the four–times Ryder Cup venue, so another change in ownership is now on the cards.
US private–equity firm KSL Capital wants to sell the 324–bedroom hotel and golf resort for about £180 million, according to Bloomberg, after buying the group in 2012.
The plunge in the pound following the U.K.’s Brexit vote has spurred demand from overseas hotel investors seeking to benefit from lower prices and an anticipated tourism boom. Britain will be the top target for European hotel investment in 2017, according to a survey of investors published last month by brokerCBRE Group Inc.
The Belfry has had a controversial history after Irish tycoon Sean Quinn bought it in 2005 for £186 million from hotels operator De Vere.
Quinn was later jailed for contempt of court over a fall out with Anglo Irish bank over bad loans and was forced to sell the golf course to KSL from prison for a greatly reduced price of about £90 million.
KSL is understood to have appointed Jones Lang LaSalle to handle the sale, but the broker declined to comment.