Diageo-owned Gleneagles Hotel in Auchterarder, Perthshire, Scotland, has been sold to an investment group led by real estate hospitality firm Ennismore for an undisclosed sum.
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The hotel is spread across a 850-acre estate and has 232 rooms along with four restaurants and three championship golf courses, one of which opened in 1919.
It also features a spa, pool, and major meeting and events space that can accommodate up to 300 guests.
Diageo said it sold the resort because the property was no longer an important part of its global business, reported The Guardian.
The hotel, which has its own railway station, was built by the Caledonian Railway Company and was opened in 1924. Diageo bought it in 1985.
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According to Diageo, the business generated revenues of £43.5m and generated an operating profit of £2.6m along with a return on invested capital of 4% on book value for the year ending 30 June 2014.
Diageo CEO 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 scotch 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."
