Diageo sells Gleneagles Hotel

Gleneagles has become internationally renowned as a luxury destination
Gleneagles has become internationally renowned as a luxury destination

Gleneagles, the internatioanally famous hotel has been sold by the drinks giant Diageo which has owned it for more than 30 years.

The firm announced it has sold the Perthshire estate and associated facilities for an undisclosed sum to a private investment group led by Ennismore, a real estate hospitality firm which owns The Hoxton brand.

Gleneagles Hotel was opened in 1924 and had been owned by Diageo since 1984.

In the year to June 30 2014, the business generated revenues of £43.5 million and an operating profit of £2.6m.

“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,” said chief executive Ivan Menezes.