Diageo has confirmed the sale of the Gleneagles Hotel to Ennismore Capital, the company behind The Hoxton boutique hotel brand, and also the company set up by 34 year old Sharan Pasricha, the son-in-law of one of India’s richest men, telecoms billionaire Sunil Mittal.
The news was announced today (Wednesday 1st July) at 9.30 am. Sharan Pasricha, founder and Chief Executive of Ennismore, said, “We are delighted to be acquiring the iconic Gleneagles Hotel, which is one of the world’s most prestigious and recognisable venues. We plan to operate Gleneagles as a standalone business – alongside The Hoxton – to ensure that its management team can preserve the special appeal of this Scottish landmark.”
Gleneagles, which was put up for sale earlier this year, is thought to have attracted bids from companies including KSL Capital Partners who own The Belfry. It is not the first time that Diageo, which owns Smirnoff, Gordon’s Gin and Johnnie Walker, has attempted to sell Gleneagles. It originally was put on the market in 1998. The price that Ennismore is thought to have paid exceeds £150m.
Pasricha set up Ennismore Capital four years ago, he also has an Accounting & Finance degree from Regents College where he was a Deans List Scholar and an MBA from London Business School. Ennismore currently has two hotels in its stable The Hoxton in Holborn and The Hoxton in Shoreditch with a third due to open imminently in Amsterdam. Restaurants include Hubbard & Bell and Holborn Grind, and the group has a close working relationship with Soho House & Co. One of Soho House’s owners Piers Adam also owns the Craigellachie Hotel in Speyside.
Ivan Menezes, Chief Executive, commented, “Diageo is proud to have been the owner of Gleneagles but the hotel is not a core business for us and therefore following the success of the Ryder Cup we feel this is an appropriate time to realise value through this transaction. I am pleased that Diageo’s brands, especially our scotch brands, will continue to be an important feature at this iconic Scottish hotel. We wish Ennismore and all the staff at the hotel a successful future.”
Bernard Murphy, Managing Director of The Gleneagles Hotel said,”I’m delighted to share the news that, from today (1 July 2015), Gleneagles has a new owner: Ennismore. We very much look forward to working with Ennismore, and are excited about the possibilities of this new chapter in Gleneagles’ history.”
He concluded, “Looking ahead, the business is going from strength to strength and bookings for the summer period are very strong.”
“For the moment our priority is, as always, to provide fantastic customer service and memorable experiences for our guests, so that Gleneagles can continue to flourish in the future.”