THE Fairmont St Andrews Hotel has been acquired by a company led by Hong Kong-based investment group Great Century, which is co-chaired by a Royal and Ancient Golf Club member.
The hotel will continue to be managed and operated by Fairmont, an Accor brand, under a long-term management agreement, in the wake of the change of ownership of the 211-bedroom St Andrews property from California-based real estate investment group Kennedy Wilson to the Great Century-led company.
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The sale price has not been disclosed.
However, Kennedy Wilson, which is based in Beverly Hills, said yesterday that it had generated a total of $178 million (£135m) from the sale of two wholly owned UK properties, the Fairmont St Andrews resort and the Leavesden Park office complex near Watford in Hertfordshire.
The company led by Great Century, an investment group established to focus on the golf and hospitality sectors, has acquired the holding company of the 211-bedroom resort, St Andrews Bay Development.
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The 520-acre, five-star Fairmont St Andrews resort includes two championship golf courses, The Kittocks and The Torrance, as well as a spa with 10 treatment rooms.
It also has five restaurants and bars, 3,000 square metres of conference and event space, and two private manor homes each with four bedrooms.
Royal & Ancient member CYM Chan, co-chairman of Great Century, said: “As a member of The Royal and Ancient Golf Club and a passionate golfer with over 30 years’ experience in the golf and hospitality industries, it is a privilege and an honour to participate closely in the future enhancement of this great property at St Andrews, Scotland, the home of golf.”
Peter Lam, chairman of Hong Kong conglomerate Lai Sun Group and co-chairman of Great Century, said: “I am extremely confident about the future potential that the Fairmont St Andrews holds. I am proud to be a partner in this long-term investment.”
Marc Dardenne, chief operating officer of Accor Europe luxury brands, said: “Fairmont St Andrews is one of the most prestigious addresses in Accor’s portfolio and we are delighted that it has become Great Century’s first investment.”
John Keating, general manager of Fairmont St Andrews, said: “This partnership marks a special day for Fairmont
St Andrews, bringing together the strengths, passions and vision of Great Century, Fairmont and Accor to create greater opportunities for the hotel in the domestic and international markets.”
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