Major St Andrews golf course hotel sold for $54.2m
Kennedy Wilson Europe Real Estate purchasing the Fairmont Hotel
A high profile golf hotel in the Scottish town knows as the home of the sport is changing hands for £32.4 million (US $54.2 million).
Kennedy Wilson Europe Real Estate has entered into an agreement to purchase the Fairmont Hotel, St Andrews, from SABD Holding (UK) Limited. The acquisition is expected to be completed this month.
Operated by Fairmont Hotels and Resorts under a management agreement until 2031, the hotel is set within 520 acres of land in St Andrews bay and has 209 rooms.
The property also has two 18-hole golf courses, extensive conference facilities, two four-bed manor houses, a fitness centre and spa, as well as several food and beverage offerings.
"This is an excellent addition to our portfolio - a high quality and well managed hotel which represents our second hotel transaction within two months,” said Kennedy Wilson Europe president & CEO Mary Ricks.
“Furthermore this asset provides a number of good opportunities to leverage our extensive asset management expertise through which we expect to be able to add significant value over the medium term."
The company purchased the Portmarnock Hotel, Dublin, which has an 18-hole golf links, in June.