Golf resort deal
Chicago investor acquires Troon’s Marine Hotel
Marine Hotel: overlooks Open golf course
A Chicago-based real estate developer has bought its third Scottish golf property – the Marine Hotel in Troon – with plans to renovate and reopen it as part of the new Marine & Lawn Collection launching in 2021.
Adventurous Journeys Capital Partners will add the 89-bed hotel positioned along the Ayrshire Coast to a growing portfolio which includes Rusacks St Andrews and the Marine North Berwick.
Ben Weprin, AJ Capital Partners founder and CEO, said: “Our background is rooted in restoring iconic community landmarks and creating distinctive spaces for both locals and travellers alike.”
Former owner, Cannock Group and Stellar Asset Management, began renovating the hotel in the spring this year and these updates will be continued by AJ Capital.
The Marine Hotel, which opened in 1894, boasts unobstructed views of the 1st and 18th fairways of Royal Troon’s Old Course, which has been the venue for nine Open Championships.
It hosted players and officials at the 2016 Open and the town welcomed the AIG Women’s British Open in August this year, without spectators.
Terms of the hotel sale were not disclosed but it has changed hands numerous times in recent years with brands and owners including Paramount, Puma and Barcelo. In 2014 it was put up for sale with a price tag of £7 million by The Hotel Collection after an American investor Lone Star Funds took over.
The Marine & Lawn Collection will join AJ Capital Partners’ other hotels in the UK. It owns and operates the Randolph Hotel in Oxford and the Cambridge Hotel in Cambridge, both undergoing renovations and scheduled to reopen as part of the Graduate Hotels collection in 2021.