Kennedy Wilson Europe Real Estate Acquiring Fairmount Hotel, St. Andrews, for £32.4m

KWE : Kennedy Wilson Europe Real Estate Acquiring Fairmount Hotel, St. Andrews, for £32.4m

Kennedy Wilson Europe Real Estate has announced that it is to acquire the Fairmount Hotel, St. Andrew’s, Scotland (pictured) for £32.4m. The iconic property is managed and operated by Fairmont Hotels and Resorts under an agreement that lasts until 2031. The transaction is expected to complete in August 2014 and will be funded from KWE’s cash resources.  KWE advises that, “Opportunities for both further strategic investment and capital expenditure exist, including upgrades to the club house and other amenities within the hotel”.

Set within 520 acres of land, in St Andrews bay, the hotel and resort comprises 209 rooms, with conference facilities, two four-bed manor houses, two 18-hole golf courses, a fitness centre and spa, as well as several food and beverage outlets. Kennedy Wilson Real Estate is a London Stock Exchange listed company that invests primarily in real estate and real estate loans in Europe.