Surprise as prestigious hotel chain puts English venues, plus one in Scotland, on the market
THE De Vere Group has placed five of its English golf resorts - six, in total, across the UK - up for sale. The prestigious hotel and resort chain is looking to sell off the assets in a deal which is expected to be worth £160m.
The clubs affected by the sale are Mottram Hall, in Cheshire; Slaley Hall, in Northumberland; Dunston Hall, in Norfolk; Belton Woods, in Lincolnshire; and Oulton Hall, in Yorkshire.
Cameron House Hotel in Scotland, which has close links to The Carrick golf course, is also being sold off by the group.
It is expected that KSL Capital Partners, the US private equity firm that bought The Belfry Hotel from De Vere for a reported £186m in 2006, will bid for the six clubs.
The decision by De Vere to find a buyer for its golf portfolio is not wholly unexpected. The group sold its conference division to Starwood in March for over £230m and it has been selling off its non-golf hotels for several months.
De Vere went into the hands of Lloyds Banking Group during the financial crisis in a £650m debt-for-equity deal.