Prestigious Scottish golf club bought by Hong Kong-based company

Alistair Dunsmuir
By Alistair Dunsmuir January 8, 2020 10:22

The holding company of a leading Scottish golf resort has been sold in a deal worth £135 million.

Fairmont St Andrews, featuring two championship golf courses, has been sold Great Century. The deal includes the purchase of Leavesden Park business park near Watford.

Fairmont St Andrews, which had been owned by real estate investment company Kennedy Wilson, was valued in 2018 at £43.4 million.

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.”

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Peter Lam, chairman of Lai Sun Group and co-chairman of Great Century, expresses similar excitement: “I am extremely confident about the future potential that the Fairmont St Andrews holds. I am proud to be a partner in this long-term investment.”

John Keating, general manager of Fairmont St Andrews, said: “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.”

Mike Pegler, head of UK for Kennedy Wilson, added: “Following the completion of our renovations at Fairmont St Andrews, including a targeted sustainability programme, we have significantly improved the operating performance and grown by over 50 per cent during our ownership. A healthy hospitality investment market and the strong growth credentials of the repositioned Fairmont St Andrews resulted in this successful disposition.”

 

Alistair Dunsmuir
By Alistair Dunsmuir January 8, 2020 10:22
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