CBRE Hotels confirm that the Fairmont St Andrews Hotel and Golf Resort, Scotland, has been sold for approximately £32.4m to Kennedy Wilson Europe Real Estate PLC. the Company that purchased the Portmarnock Hotel and Golf Links, near Dublin, in June.
The stunning Fairmont St Andrews, Scotland is located on the coastline of the breathtakingly beautiful St Andrews Bay. This purpose built resort with two golf courses on 520 acres was developed in 2001, with the feature golf course designed by the legendary Ryder Cup hero, Sam Torrance. The iconic property is operated by Fairmont Hotels and Resorts, a premium hospitality company with a global reputation, under a management agreement until 2031.
St Andrews, venue for the 2015 British Open, is a golfing ‘Mecca’ for the most accomplished golfer and the enthusiastic amateur alike.
Paul Collins, CBRE Hotels, commented: “The Fairmont St Andrews is a profitable business and attracted a wide range of international investors keen to own a piece of golfing history. The resort offers the opportunity to grow the business with a globally-recognised operator in situ.”
The Fairmont St Andrews is the Kennedy Wilson Europe Real Estate’s second high quality hotel purchase following the purchase in June of the Portmarnock Hotel in Ireland which comprises a 138-room seafront hotel and 18-hole golf links.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented on the acquisitions: “This is an excellent addition to our portfolio – a high quality and well managed hotel which represents our second hotel transaction within two months. 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.”
CBRE Hotels www.cbrehotels.com.
Kennedy Wilson Europe Real Estate Plc www.kennedywilsoneuropeplc.com
Kennedy Wilson www.kennedywilson.com
Portmarnock Hotel and Golf Links www.portmarnock.com
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