THE HIGH-PROFILE Belfry hotel and golf course in Britain has officially been put up for sale, with Jones Lang LaSalle yesterday confirmed as the selling agent for the former Ryder Cup venue, which is owned by Seán Quinn jnr.
It is understood that the agent is seeking to recover the debt on the property.
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.
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.
On December 28th, The Irish Times revealed that the property was for sale but the owner and operators remained silent on the matter.
The agent has set February 29th as the deadline for bids to be received for the property.
Situated 18km (11 miles) from Birmingham, the four-times Ryder Cup venue sits on 550 acres. It comprises three golf courses, a 334-bed hotel and a golf academy.
It is also home to the headquarters of the Professional Golfers’ Association.
Commenting on the sale process, Belfry managing director Nigel Gray 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.”
Mr Gray said there was an “encouraging pipeline of business for the coming months”.
“We are very confident that a sale will be realised and allow the Belfry to continue to develop and grow,” he added.
After acquiring the property, the Quinns had planned a £150 million development that would have involved the hotel being demolished and a new five-star facility being built in its place.
But the project was bunkered by the property crash.
George Nicholas, the Jones Lang LaSalle agent handling the sale, said “significant” interest had already been received for the Belfry from investors in China, Korea and the US.
The Belfry has proved a happy hunting ground for Irish golfers. Dubliner Paul McGinley sank the winning putt for Europe in the 2002 Ryder Cup, while Christy O’Connor jnr’s win over Fred Couples was crucial in Europe securing the trophy in 1989.
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