The man behind the multi-million-pound purchase of Gleneagles Hotel said he has “incredibly bold ambitions” to invest in its future.
Real estate hospitality firm Ennismore has bought the five-star Perthshire resort from drinks giant Diageo, which has owned and developed the site since 1984.
The final sum paid has not been disclosed, but the 232-bedroom hotel and its associated 850-acre estate had been touted for sale for around £200 million.
Ennismore owns The Hoxton brand, and develops and operates a series of hotels in Europe and the United States.
Its founder and chief executive, Sharan Pasricha, told the Courier: “It’s very much the brand, the heritage and the legacy that Gleneagles has that attracted us to it.
“It is set in a picturesque surrounding, it has incredible facilities and it’s got an incredible base to build from.
“What we’re good at is taking these unique brands, reaching very deep into their history and heritage and then bringing them up to date.
“I really think that’s a philosophy that we’ll be applying to Gleneagles.
“We bought it for what it is, not necessarily what it could become. It’s the iconic status of this brand and it’s a Scottish institution.”
Gleneagles Hotel was opened in 1924. Highlights during its stewardship have included the Ryder Cup and the hosting of the G8 summit of world leaders 10 years ago this month.
Ennismore said the Gleneagles brand would continue to stand alone and all current management and staff at the estate would remain.
Gleneagles managing director Bernard Murphy said: “It’s exactly the same people, every single one of them.
“It’s quite important to our customers because more than half of them have been before. That’s absolutely key.
“The team had that message at nine this morning and the management team just ahead of that.
“There has been speculation over the ownership for the last six months and that has been unsettling in itself.
“There was a collective sigh of relief that we could draw a line under that and get on with planning for the future.
“We very much look forward to working with Ennismore, and are excited about the possibilities of this new chapter in Gleneagles’ history.”
Mr Pasricha added: “It will be operated independently as a standalone business.
“We have absolutely no ambitions to find any synergies between both our businesses. The Hoxton is a very different brand and targets a very different demographic. The other message, which I hope will get the team inspired and excited, is about the future.
“I have incredibly bold ambitions to invest in this brand, to bring it up to date and work with Bernard and his leadership team to deploy quite significant sums across the estate for the next few years.”
Mr Pasricha praised Diageo for the “incredible job” it had done at Gleneagles, while acknowledging that it was not one of their core businesses.
He said: “It has had considerable investment over the past five years leading up to the Ryder Cup.
“We are going to be looking to see if we can enhance the food and beverage offering, create new food and beverage outlets, upgrade the bedrooms and upgrade the corridors.”