Fairmont Hotel in St Andrews sold for £32m
The 209-room hotel and resort, set within 520 acres of land, is operated by Fairmont Hotels and Resorts under a management agreement running until 2031 and has been acquired from privately-owned SABD Holding.
The deal marks the second luxury hotel purchase for Kennedy Wilson Europe, following the €29.8m (£23.9m) acquisition of Dublin’s Portmarnock Hotel in June.
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Hide AdPresident and chief executive Mary Ricks said: “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.”