Kennedy Wilson buys Fairmont Hotel, St Andrews

Kennedy Wilson Europe Real Estate has entered into an agreement to acquire the Fairmont Hotel, St Andrews, Scotland from SABD Holding (UK) Limited for a reported £32.4 million (around $54 million), or about £155,000 ($259,000) per key. The all-cash acquisition is expected to close this month.

The 209-room hotel is set within 520 acres of land in St Andrews bay. It also includes conference facilities, two four-bed manor houses, two 18-hole golf courses, a fitness centre and spa, as well as several food and beverage offerings.

Kennedy Wilson has been active of late. In January, it completed the purchase of notes with an unpaid principal balance of approximately $310 million secured by the Shelbourne Hotel in Dublin, Ireland. The company acquired the notes for $152 million. The purchase price consisted of $70 million of equity from the company and $82 million in bank financing.

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