Fairmont Hotel in St Andrews has been sold to a global investment group following a multi-million pound refurbishment.
The 211-bedroom hotel and its two championship golf courses have been sold to Great Century, a firm which plans to make “global investments within the golf and hospitality industries”.
The purchase amount for Fairmont’s holding company St Andrews Bay Development Limited has not been disclosed.
The 520-acre estate also includes a 10-treatment room spa, five restaurants and bars, 3,000 square metres of conference and event space and two private manor homes.
Fairmont, an Accor brand, will continue to manage and operate the hotel under a long-term management agreement.
Dr CYM Chan, co-chairman of Great Century, said: “As a member of The Royal & 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, the home of golf.”
The Fairmont has recently spent millions of pounds refurbishing the hotel since 2016.
Work refurbishing the hotel’s atrium, corridors and public bathrooms was followed by the refurbishment of the resort’s spa complex and classic sports bar last year.
The final stage of work, which carried a £1 million price tag, was completed this year with the refurbishment of its ballroom and 14 meeting rooms.
John Keating, general manager of Fairmont St Andrews, added: “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.”
rmclaren@thecourier.co.uk