US-based private equity investor KSL Capital Partners has completed its deal to buy Sean Quinn’s Belfry Hotel in the West Midlands, as tipped by Property Week in May.
The Belfry, one of the world’s most famous golf courses, was put up for sale by the Irish businessman through Jones Lang LaSalle for around £90m, but it is understood to have been sold for less than this.
As owner of ClubCorp, the investment by KSL Capital Partners in The Belfry represents KSL Capital Partners first golf acquisition in Europe.
Quinn bought the Belfry in 2005 for £186m with around £105m of debt raised through Bank of Ireland, Bank of Scotland (Ireland) and Barclays.
George Nicholas, executive vice president at Jones Lang LaSalle Hotels, said: “The Belfry attracted wide international interest from investors looking to capitalise on the existing golfing reputation and grow the business through renovation of the hotel and restaurants.
“The sale is vote of confidence by KSL Capital Partners in to the UK and bolsters the sentiment in the UK lodging sector as evidenced by £1.123bn in hotel property sales year to date 2012, representing growth of 12% over the same period last year with the majority of investment coming from offshore.”
Situated on 54 hectares and housing the headquarters of the UK PGA, the resort comprises 324-rooms, with meeting and conferencing facilities as well as three 18-hole golf courses including the famous Brabazon course, the host of four Ryder Cups, more than any other golf course.
2 November 2012