Gleneagles sale boosts profits for former owner

Following the sale of the Gleneagles Hotel in Perthshire, Scotland, beverage giant Diageo is seeing strong profits after two years of decline.

Diageo, whose whisky brands include global market leader Johnnie Walker, Bell’s, Buchanan’s and J&B, sold the luxury hotel to Ennismore founder Sharan Pasricha earlier this month.

The London-based firm did not disclose the amount paid for the hotel, which hosted the Ryder Cup in September, but yesterday said the sale had resulted in a profit of £73 million.

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Year-to-date through June 30, the “iconic” hotel brought in net sales of £48 million and an operating profit of £4 million.

 

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DTZ Investors has purchased the property along with other real estate for more than £70 million.

The company will sell an approximately 5 percent stake in the Shanghai-based hotel operator and franchisor for a nine-figure sum. 

Over the span of a few weeks, four hotels—three Marriott brands and a Cambria Hotel—have opened in the Phoenix area.