The Belfry – the world-renowned business, golf and leisure resort in the heart of the English countryside owned by Sean Quinn Junior – is expected to attract “significant international interest” after being officially put on the market, its selling agent has said.
Mr Quinn bought the property in 2006 for £186 million (€225 million) and the debt on the property is thought to stand at about £105 million.
Commercial property agent Jones Lang LaSalle Hotels has been appointed to market the 550-acre resort in Warwickshire, regarded as the spiritual home of the Ryder Cup.
The Belfry is valued at just £88 million in the latest accounts filed for Quinn Property Investments.
The debt is owed to Bank of Ireland, Barclays and Certus, which is managing the wind-down of the loan book of Bank of Scotland (Ireland).
The lenders are believed to have taken the decision to sell the resort having previously appointed accountants Ernst Young to conduct a review of the business to help them to consider their options.
The resort includes a 324-bedroom hotel, three golf courses which have hosted four Ryder Cups and numerous European Tour events, extensive corporate conference and meeting facilities, a spa and newly-refurbished Health&Wellness leisure club, on-site nightclub and the headquarters of the PGA.
Nigel Gray, managing director for The Belfry, commenting on the future of the resort, said: “We can confirm that new owners are being sought for The Belfry and we are extremely confident this will prove to be successful.
“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. That will continue during this process.”