1st Jul 2015 08:10
LONDON (Alliance News) - Drinks giant Diageo PLC Wednesday said that it has sold Gleneagles Hotel Ltd to a private investment group led by real estate hospitality firm Ennismore, for an undisclosed amount.
Gleneagles Hotel was owned by Diageo from 1984 and generated GBP43.5 million in revenue and an operating profit of GBP2.6 million in the year ended June 30, 2014.
"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. I am pleased that Diageo's brands, especially our scotch brands, will continue to be an important feature at this iconic Scottish hotel. We wish Ennismore and all the staff at the hotel a successful future," Chief Executive Ivan Menezes said in a statement.
Shares in Diageo were trading up 0.3% at 1,846.00 pence Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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