LEISURECORP, the Dubai-based firm which bought Turnberry for £55million earlier this year and is spending another £30million on refurbishing the complex, said yesterday they feel "very comfortable" in Scotland and would not rule out additional investment in the home of golf over the longer term.
Most recently credited with an interest in the hotel adjacent to the links at Carnoustie, David Spencer, the golf chief executive of Leisurecorp, insisted, however, the company has no plans over the coming year to buy any more courses or hotels in S
cotland.
A subsidiary of Dubai World, which is thought to have assets worth around £50billion, Leisurecorp is an international sport and leisure group that owns Pearl Valley golf estates in South Africa and Snowmass ski resort in Colorado as well as the Jumeirah Golf Estates in Dubai.
According to Spencer, the current uncertainty in global markets, as the financial downturn shows no sign of alleviating, means Leisurecorp will concentrate on developing existing commitments over the coming year rather than take on any new ones. Asked if the company was interested in buying the Carnoustie hotel, Spencer said: "There are some golf assets in Scotland that we have reviewed and we will continue to do that. There's been talk about Loch Lomond, talk about Gleneagles and talk about Carnoustie. Leisurecorp seems to be attached to any golf asset which may be coming up for sale.
"We take our responsibilities seriously and what we're trying to do over the next 12 months is to concentrate on what we already have.
"At the moment, we have a fairly full menu and a lot to deliver. We're also very conscious of what's going on in the wider world in the markets. Now is a good time for us to stable the horses."
Having chosen to launch the Race to Dubai, the European Tour's replacement for the Order of Merit, at Turnberry earlier this week, it is clear the Dubai firm will spare no expense in turning the Ayrshire resort into a world-class facility.
Spencer has already spoken about the possibility of staging the European Open at Turnberry in future years.
He wants to see the Ailsa course feature more regularly on television around the world and described the links as an "under-utilised asset." When or where Leisurecorp choose to spread their wings in Scotland remains to be seen. According to Spencer, though, the Dubai firm do feel at ease in the home of golf.
"One of the things we have to say is that we've been made very welcome in Scotland," he said.
"People respect us in golf. And, because of that, we're very comfortable in Scotland. Over the years, our financial advisers have told Leisurecorp that we need density in the market.
"So, in the future, there isn't any reason why we shouldn't invest more in Scotland, or more in South Africa."
The full article contains 486 words and appears in The Scotsman newspaper.
