Diageo has sold the world-famous luxury Gleneagles Hotel to Ennismore, the company that owns the Hoxton Hotel group among others, for an undisclosed sum.
Gleneagles Hotel, which is situated in Perthshire, in Scotland, celebrated its 90th anniversary last year. It had been owned by Diageo since 1984, and made an operating profit of £2.6m in the year ending 30 June 2014.
Ivan Menezes, Diageo chief executive, said: '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 [2014, which Gleaneagles Hotel hosted] 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.'
Sharan Pasricha, founder and chief executive of Ennismore, said: 'We are delighted to be acquiring the iconic Gleneagles Hotel, which is one of the world’s most prestigious and recognisable venues. We plan to operate Gleneagles as a standalone business – alongside The Hoxton – to ensure that its management team can preserve the special appeal of this Scottish landmark.'
Ennismore said it would retain the existing hotel management and workforce, and that it aims to preserve Gleneagles' 'distinct service, culture and brand proposition'.
A relationship with Diageo will be maintained through the continued showcase of its brands in the hotel, notably its Scotch whiskies.
On a message on the hotel's website, Bernard Murphy, managing director of Gleneagles Hotel, said: 'We very much look forward to working with Ennismore, and are excited about the possibilities of this new chapter in Gleneagles’ history. [...] For the moment our priority is, as always, to provide fantastic customer service and memorable experiences for our guests, so that Gleneagles can continue to flourish in the future.'