Thu, 19 Jun 2014 | COMMERCIAL PROPERTY
The famous Fairmont golf resort has been put up for sale with a price tag of more than £30 million.
The 502-acre site includes two golf courses as well as the illustrious St Andrews hotel and spa. It has been put on the commercial property market with CBRE Hotels by Ares Management, a New York-listed real estate and private equity firm, The Times reported this week.
The property, which originally went under the moniker, was built in 2001 by Don Panoz, an entrepreneur who is best known for developing the nicotine patch during his time working at Elan Corporation. He spent £56 million developing the resort before selling it on to Apollo Real Estate Advisors in 2006.
Apollo placed the management of the resort in the hands of Fairmont Hotels, the company which also operates the Savoy Hotel in London.
The news about the impending sale of the resort, which could reach a price of £35 million, follows the announcement that Donald Trump had bought the Turnberry Resort, on the Scottish west coast, for £35.7 million.
He has vowed to spend up to $200 million “bringing the hotel to the highest standards of luxury”.
Otherwise known as ‘the home of golf’, St Andrews has hosted The Open Championship, one of golf's four major tournaments, in its prestigious history.
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