Starwood Hotels & Resorts Worldwide has sold Turnberry Resort in Scotland to Leisurecorp for £55m.
Starwood will retain management of the hotel, which is home to world famous Ailsa golf course - which is hosting the Open next year - under a 50-year agreement.
Leisurecorp, a subsidiary of Dubai World, is investing £30m in restoring the 219-room property.
The resort closed for restoration work on 1 November and will join Starwood Luxury Collection portfolio when it reopens in July 2009.
Leisurecorp group chief executive Alan Rogers said: "We will work with our heritage consultant, South Ayrshire Council, and Historic Scotland to ensure the work is carried out sensitively."
Dubai World established Leisurecorp in 2006 to identify, acquire and develop sport, leisure and lifestyle investments throughout the world.
Its portfolio includes Jumeirah Golf Estates.
Starwood Hotels & Resorts president EMEA Roeland Vos said: "We look forward to this deal being the first in a long-term relationship with our new partners."
Meanwhile, Starwood has also sold the following Italian properties to Estcapital for £130m:
- Westin Excelsior in Venice Lido
- Hotel Des Bains in Venice Lido
- Villa Cipriani in Asolo