Business Irish

Sunday 4 December 2016

Prestigious Belfry golf resort for sale

Ed Carty

Published 16/01/2012 | 16:28

THE PRESTIGIOUS Belfry golf and hotel resort which formed part of the Quinn empire is for sale, it has been confirmed.

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Considered the spiritual home of the Ryder Cup after hosting the competition four times since 1985, the complex is believed to be valued at about £90m (€109m) .

Nigel Gray, managing director of The Belfry, said: "New owners are being sought for The Belfry and we are extremely confident this will prove to be successful."

The Belfry was last year named England's Leading Golf Resort at the World Travel Awards.

Mr Gray added: "The Belfry is a highly profitable business which has just enjoyed a successful 2011, with figures up on 2010 levels. The team here is highly experienced and it has very much been business as usual in the last few months with a very encouraging pipeline of business for the coming months.

"We are very confident that a sale will be realised and allow The Belfry to continue to develop and grow."

Commercial property agent Jones Lang LaSalle Hotels said they expect significant international interest for the 550-acre resort in Warwickshire.

About 11 miles from Birmingham it includes a 324-bedroom hotel, three golf courses and numerous European Tour events, extensive corporate conference and meeting facilities, a spa and newly-refurbished health and wellness leisure club, on-site nightclub and is the headquarters of the PGA.

The Belfry was bought by the Quinn group in 2005 for £186m. It was owned by Sean Quinn junior, son of the former billionaire tycoon Sean Quinn.

Mr Quinn senior declared himself bankrupt in Belfast last month only for that to be overturned after the Irish Bank Resolution Corporation appealed the decision.

The bank secured a bankruptcy declaration against Mr Quinn in the Dublin courts today where an order barring him from running a company will last 12 years rather than two years if imposed by a UK court.

The IBRC is also in dispute with some of the Quinn family over ownership of overseas assets.

George Nicholas, of Jones Lang LaSalle Hotels, said: "The Belfry is an iconic golf destination; combining an internationally recognised brand with a successfully trading business, and quality sales of this nature rarely come to the market. We expect significant international interest to be attracted among buyers from across the globe as investors bid to secure this rare opportunity.

"Furthermore, we are already seeing interest being expressed from across the globe, particularly from Asia where investors are seeking to capitalise on the relatively low British Pound."

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