The Belfry hotel and golf resort near Sutton Coldfield has been bought by a US private equity firm after more than seven months on the market.
Colorado and New York-based KSL Capital Partners announced it has bought the 550-acre resort at Wishaw for an undisclosed sum through Jones Lang LaSalle Hotels.
The former Ryder Cup venue was put up for sale in December for an asking price of £70 million after racking up debts of a reported £105 million.
Former owners the Quinn Group, led by former billionaire Sean Quinn, faced financial turmoil last year, forcing the Belfry into the hands of Anglo-Irish Bank and US insurance firm Liberty Mutual.
The Quinn Group originally bought the complex for £186 million but the recession has seen its value decline.
KSL plan to completely renovate the hotel’s bedrooms, public areas, its seven bars and restaurants, spa and meeting spaces over the next few months.
The firm, which specialises in travel and leisure businesses, owns a number of golf resorts in the US, but this is its first venture in Europe.
The De Vere Group, which owned and operated the 324-bedroom hotel before it was sold to The Quinn Group in 2005, will return to manage the hotel.
Richard Weissmann, one of KSL’s partners, said: “We believe De Vere’s familiarity with today’s European travellers combined with our planned renovations will provide guests of The Belfry a new level of luxury, service and amenities.”
The Belfry Resort, which boasts The Brabazon golf course, has hosted the Ryder Cup golf tournament four times, the last time in 2002.
Andrew Coppel, group chief executive of the De Vere Group, said he believed the business had a strong future following the takeover.
“We are delighted to have secured the management contract at the Belfry,” he added. “The company and the Belfry have a proud history together and share a golfing heritage.”
George Nicholas, executive vice president, Jones Lang LaSalle Hotels, added: “The sale is a vote of confidence by KSL Capital Partners in to the UK and bolsters the sentiment in the UK lodging sector as evidenced by £1.123 billion in hotel property sales year to date 2012, representing growth of 12 per cent over the same period last year with the majority of investment coming from offshore.”