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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The company, in partnership with American Express, will donate up to 1 million hotel roomnights across the United States through May 31.

Moves include accessing an additional $100 million on the company’s $250 million senior revolving line of credit and cost containment.