Mon, 19 Dec 2011 | BUSINESS SALE
The Belfry, the West Midlands hotel and golf resort that was the former Ryder Cup venue, has been put on the market by its bank lenders.
The Bank of Ireland, Barclays and Certus, formerly part of Lloyds Banking Group, have put the leisure site - weighed down under £105 million of debts - up for sale.
The Belfry had been subject to a steep drop in value during the economic downturn, which led its lenders to bring in Ernst & Young to look over options for the site including a debt restructuring and sale.
It is thought that Jones Lang LaSalle has been appointed to market The Belfry for sale. An unnamed Malaysian investor is said to have made a move to put down an offer of £90 million.
The Belfry comprises three golf courses and a 324-room hotel in 550 acres in the North Warwickshire countryside. Once the flagship of the De Vere Hotels before being sold on in 2005, the site attracted golfers from across the globe for the Ryder Cup and was viewed by television audiences – the last time was in 2002.
It’s subsequent owners, the Quinn family, had intentions to carry out a £150 million development plan that would have involved tearing the site down and building a new five-star property. The ambitious plans were thwarted by the Irish property crash, where the Quinn family lost billions.
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