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Dubai buys Turnberry golf resort

Leisurecorp, the Dubai World company specialising in investments in the sports and leisure sector, today announced plans to purchase Turnberry, the host venue for the 2009 Open Championship, from Starwood Hotels & Resorts Worldwide for £55m ($108.3m). The companies have signed a Letter of Intent for the sale and purchase of the hotel and golf resort, which the parties expect to be completed by 31 October 2008. Under the terms of the deal, Starwood will continue to operate the five-star resort, with a 30-year plus management contract.