Gleneagles Hotel and golf resort sold by Diageo

Gleneagles Hotel and golf resort has been sold by drinks company Diageo, which has owned it for 31 years.

The selling price is believed to have been about £150m.

It has been bought by Ennismore, a private investment company, which already owns the small Hoxton chain of boutique hotels.

The new owner said it would retain the existing staff and make a "significant" investment in "one of the world's most prestigious and recognisable venues".

Gleneagles' most recent published accounts showed turnover of £43m, and operating profit of £2.5m

It hosted the Ryder Cup last September and a G8 summit 10 years ago.

Ennismore is thought to have paid about £150m the Perthshire hotel, which has three golf courses.

So, for around £150m, Ennismore, the private investment group in the hospitality industry, has bought itself a national institution.

Founded ten years ago, what the new owner currently does is take rather ugly buildings in central and east London and give them a cool boutique vibe as hotels and restaurants.

It has the Hoxton hotel, which it plans to scale up to a branded chain, already including an Amsterdam property.

The cross-over clientele will probably be limited. But what Ennismore offers is a bit more imagination. It professes to be about design, and "taking the path less travelled".

That could be just what Gleneagles needs next. But it also needs a company that understands how to apply the most modern marketing to a doggedly traditional tourism product, clad in sober tartans and flavoured with single malts.

What Ennismore has yet to prove is its ability to market a hotel as a resort. Gleneagles' prestige is established, which is why it paid quite a prestige price. Diageo's ownership has shown that it doesn't need to be part of a chain, but it does need an owner with the means and the willingness to invest and keep its five-star status.

It is important to the wider economy that the new owner succeeds with one of the Crown Jewels of Scottish tourism.

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Diageo chief executive Ivan Menezes said: "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."

Ennismore said the existing Gleneagles staff and management would be kept on, and that "significant sums" would be invested at the estate.

Chief executive Sharan Pasricha 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."

VisitScotland chief executive Malcolm Roughead added: "We are delighted that Ennismore will be the new owners of the Gleneagles Hotel, and look forward to welcoming this new and significant investor to Scotland.

"Following the success of the Ryder Cup last year and the G8 summit in 2005, Gleneagles has established itself as one of Scotland's most iconic resorts, delighting visitors from across the world with its commitment to quality and excellence - something we are sure Ennismore will strive to continue."