Global hotels group Accor has completed a multi-billion dollar deal to acquire Fairmont owner FRHI.
The deal means new owners for the iconic Fairmont St Andrews five-star resort in Fife.
The Raffles and Swissotel brands have also been sold to Mercure, Ibis and Sofitel owner Accor under the deal.
The Courier understands the change of ownership will have no immediate impact on operations at the Fife hotel, which overlooks St Andrews bay.
However, Accor said it expected to make approximated €65 million of “cost synergies” through brand combinations, maximising hotel earnings, increasing efficiency and the optimisation of support costs.
The deal was approved by Accor shareholders yesterday.
The deal involves a €768m up front payment to Qatar Investment Authority (QIA) and Kingdom Holding Company of Saudi Arabia (KHC) and the issuance of 46.7m shares.
QIA now holds 10.4% of Accor’s share capital, with KHC having a 5.8% stake.
Both group’s will also have a director on the Accord board.
Accor said the move instantly placed it as a “leading player in the global luxury hotel market.”
“Today is a great day for our group,” Accor chairman and CEO Sebastien Bazin said.
“The acquisition of these three emblematic luxury hotel brands is a historical milestone for AccorHotels.
“It will open up amazing growth prospects, lift our international presence to unprecedented heights, and build value over the long term.”
The Accor agreement came as details emerged of a separate takeover deal for an award-winning Perthshire hotel, which had been on the market with a £1 million guide price.
Ardeonaig on the southern shore of Loch Tay has a history stretching back to 1649.
It has gone through a number of owners in recent years and has now been bought by hotelier Ian Hitchins, who also runs the Ben Lawers and Killin hotels.
He said: “I hope to be able to involve my family in the operation of the hotel and look forward to enjoying bringing the hotel back to life.
“We are using the rest of 2016 to do this at a reduced pace and put our energy into making the hotel ready for the 2017 season.”