Seán Quinn jnr sells Belfry golf resort in £90m deal

US PRIVATE equity group KSL Capital Partners has acquired the former Ryder Cup venue, the Belfry, which was purchased by Seán Quinn jnr in 2006. The sale price was not disclosed but it is believed to be about £90 million (€113 million).

The English hotel and golf course was put on the market last December, but it has taken until now to secure a deal.

Originally purchased in 2006 for £186 million, the property carried significant debt, believed to be of the order of about £105 million. This was owed to Bank of Ireland, Barclays and Bank of Scotland.

Mr Quinn originally purchased the golf resort, which is located in Wishaw, north Warwickshire, with the aim of demolishing and rebuilding it.

However, the venue soon became a victim of the property downturn and it was more recently valued at about €100 million, according to company accounts for Quinn Property Investments.

The property comprises three golf courses, a 334-bed hotel and a golf academy.

Despite currently serving a three-month jail sentence for contempt of court, Mr Quinn, along with his family, yesterday welcomed the sale.

“We congratulate KSL Capital Partners on their acquisition of the Belfry, and wish them well,” Mr Quinn and his family said in a statement.

“We would particularly like to extend our appreciation to the management and staff at the hotel for their hard work and dedication over the past number of years, and look forward to seeing the proud traditions of the Belfry continuing.”

The purchase marks KSL Partners’ first foray into the golf sector in Europe, and it has appointed the club’s former management company, De Vere, to run the facility. Its US portfolio of resorts and spas includes La Costa and Rancho Las Palmas, both in California, and Montelucia in Arizona.