Golf Business News – Stoke Park sold for £57m

Golf Business News – Stoke Park sold for £57m


Stoke Park in Buckinghamshire has been sold to Asia’s richest businessman, Mukesh Ambani, for £57 million.

The luxury hotel, spa, golf & country club, which is located seven miles from Heathrow, was bought by a subsidiary of Ambani’s company, Reliance Industries.

Stoke Park had been in the King family ownership for 33 years, during which time they invested over £40m in the estate, including a major renovation of the 27-hole golf course

Ambani, 64, has built up a fortune of over $70 billion through energy and telecoms businesses after inheriting the company from his father in 2002.

Stoke Park has been in the hands of the King family, owners of healthcare company International Hospitals Group, since 1988. The estate was put up for sale in 2018 and was originally expected to sell for more than £100m. Although there was interest from buyers from China and the Middle East, Ambani’s bid was successful despite being almost half that value.

Announcing the deal, a spokesperson for Reliance said that Stoke Park would remain a members’ club and that it would “look to enhance the sports and leisure facilities while fully complying with the planning guidelines and local regulations”.

Chester King, managing director of Stoke Park, said: “It has been a great honour for my family to have been the owners and custodians of Stoke Park over the past 33 years. I am delighted that the new owners share the same respect for the club’s incredible heritage, its values and longer-term vision and I look forward to working closely with them. As soon as we met with Reliance it was clear that this represents business as usual for our members, customers, and the local community.”

In addition to the 27-hole Harry Colt designed golf course, facilities at the 300-acre estate include a 49-room five-star hotel, a spa and leisure centre, three restaurants, bars and lounges, 13 tennis courts and 14 acres of private gardens.

The acquisition of Stoke Park is part of a wider move to transform Reliance from an industrial group centred on oil refining in Asia to a more consumer-facing business with a global presence. Ambani has recently expanded his portfolio in leisure and retail after buying equity in Oberoi Hotels in India and the recent purchase of Hamleys toy store.



Source link

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertismentspot_img

Instagram

Most Popular