Fairmont St Andrews Hotel and Golf Resort in Scotland has been sold for £32.4m to American property fund Kennedy Wilson Europe Real Estate from privately-owned SABD Holding.
Fairmont St Andrews, venue for the 2015 British Open, will continue to be operated by Fairmont Hotels and Resorts under a management agreement until 2031.
The property is Kennedy Wilson Europe Real Estate’s second luxury hotel purchase following the purchase of the Portmarnock Hotel in Dublin in June 2014.
“The Fairmont St Andrews is a profitable business and attracted a wide range of international investors keen to own apiece of golfing history,” said Paul Collins from global selling agent CBRE Hotels. “The resort offers the opportunity to grow the business with a globally recognised operator in situ.”
Kennedy Wilson Europe has identified opportunities for further strategic investment and capital expenditure, including upgrades to the club house and other amenities within the hotel.
The venue offers 209 guestrooms and 17 suites, while its business and conference centre comprises 12 meeting rooms including the Robert Burns Ballroom, which has capacity for 1,000 delegates. The hotel also offers a signature spa and two 18-hole championship golf courses.
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