Global Edition

Luttrellstown course to close at end of 2009

7.35am 18th December 2008 - Courses

Luttrellstown Castle has become the latest high-profile casualty of the economic downturn, reports The Irish Times, and the five-star golf resort in Dublin, owned by leading Irish businessmen JP McManus, John Magnier and Aidan Brooks, will close at the end of 2009.

The newspaper reports Luttrellstown chief executive Colm Hannon as saying, “It is true, Luttrellstown is closing and we have advised the committee and our members. There has been a significant shortfall and losses have been incurred since we opened. Going forward we do not see the situation changing. It is very regrettable but running a golf course at Luttrellstown is no longer sustainable.”

The 560-acre estate, formerly owned by the Guinness family, was sold to the Primwest Group in 1983 before it was more recently bought over by McManus, Magnier and Brooks in 2006.

Last year major redevelopment work costing over €20 million was completed at Luttrellstown, including major upgrade work to the championship golf course plus a complete redesign of the alpine style clubhouse.

Luttrellstown’s demise has come about because of the inability to drive membership numbers up and increase green fee revenue.

“The whole business of membership has dried up and the problem we have at Luttrellstown is we don‘t have a critical mass of members,” added Hannon.

“We have fewer than 400 members. A lot of the problem is linked to the current financial situation in a wider context. And basically there’s not a sufficient number of people out there seeking to buy golf membership

“The amount people are prepared to pay for golf is very different from what it was before. We changed the structure over to an annual membership because we believed the days of people paying €40-50,000 entrance fees are long gone.”

Hannon confirmed they will be running the business until the end of next year as “there is an obligation to the members to give them 12 months notice.”

Mr Hannon said the current owners have no plans to sell the estate.

Luttrellstown Castle Resort www.luttrellstowncastleresort.com

       

You can see the latest news letter here.

Follow us on Twitter and LinkedIn.            

Use the tabs above to select the section(s) which you wish to search.

Enter the name of the person, place, organisation or topic for which you are searching. Use as many words as required - there is no need to enclose them in quotation marks. Prefixing a search term with a hyphen/minus-sign will exclude results matching that term.

For example 'artificial -turf' will return results containing 'artificial' but not 'turf'.

In each month and year listed below every article that has ever appeared in golfbusinessnews is reproduced in reverse date order.