A couple of things: The Celtic Manor, which is owned by Canadian tech entrepreneur Terry Matthews, never cost anything like 300 million GBP. Terry simply doesn't have that kind of money. He'd have been a paper billionaire at one point, but no long. But the course sounds like a disaster. Why take an event to a location where the course needs to be entirely gutted and rebuilt? Interestingly, don't they play the Euro Tour event there as a par 69?
Ah, the K Club. Why? That's all I can say about that. Having played it in September, I'll say the property is nice, but the course is awful. Terrifically terrible bunkering (like the cross bunker on the opening par five, ugh) and a strange mix of holes. Apparently they are flipping the nines, but it still isn't a good match play club. With the options in Ireland (Portmarnock would have been great, what about Portrush?) it is hard to imagine the decision to take the event to the K Club is about anything more than money.
Interestingly, in order to add "separation" to some of the holes, the K Club has gone about a massive tree planting exercise. Palmer/Seay simply pushed up some awful mounding to separate holes and that would have at least allowed spectators to get around the course. Now, even that will be tricky.