Starwood Hotels have agreed to sell the world famous Turnberry golf resort for £55 million to Leisurecorp.
The companies have signed a letter of intent for the sale which is expected to be completed by October 31.
Under the terms of the deal the hotel will be redeveloped before the 2009 Open Golf Championship and Starwood will continue to operate the five-star resort, with a 30-year plus management contract.
Alan Rogers, Group Chief Executive of Leisurecorp, said: "You only have to look out across Turnberry's Ailsa course towards the landmark lighthouse to know that the resort is one of the world's greatest golf destinations.
"We are looking forward to working with Starwood on finalising and announcing our future development plans for the resort over the coming months."
(GK/JM)
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