KENNEDY WILSON TO ACQUIRE FAIRMONT ST ANDREWS

Kennedy Wilson Europe Real Estate is to purchase the Fairmont St Andrews Resort on Scotland’s east coast from SABD Holding for £32.4 million (£155,000 per room) in cash. The 209-room resort, which reportedly comes with planning permission for the addition of 71 holiday homes and eight manor homes, is operated by Fairmont Hotels & Resorts under a management agreement that runs until 2031. This is the second hotel deal carried out by Kennedy Wilson Europe (which was established in 2011 when US-based Kennedy Wilson acquired Bank of Ireland Real Estate Investment Management); in June 2014, the group acquired the 138-room Portmarnock Hotel and Golf Links in Ireland for €30 million (€217,000 per room) from NAMA.

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