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WHITE PLAINS, N.Y. - Starwood Hotels & Resorts Worldwide Inc. said Friday it completed its sale of the Turnberry Resort to Leisurecorp, a Dubai World company, for about $100 million.
Starwood, a hotel and leisure company based in White Plains, N.Y., will manage the Scottish hotel under a 50-year management deal.
The Turnberry will also undergo a $49 million restoration. The property, which houses two golf courses, will close on Saturday and is set to reopen in July in time for the British Open Championship.
Dubai World is a Dubai-based holding company that operates and invests in the industrial and financial sectors.
Shares of Starwood gained $1.01, or 4.6 percent, to $22.88 in afternoon trading. Over the past year, the stock has traded between $17.19 and $56.58.
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