Kennedy Wilson acquires Fairmont St. Andrews for $53.8M

Kennedy Wilson Europe Real Estate acquired Fairmont St. Andrews — a golf resort in Fife, Scotland for $53.8 million, its second large acquisition of a golf property this summer. The deal was brokered by CBRE Group. 

Kennedy Wilson is a Beverly Hills, Calif.-based real estate investment company with 25 offices throughout the world. It set up its European branch in 2011. It acquired Portmarnock Hotel and Golf Links in Dublin in June for $39 million.

Fairmont St. Andrews is a 520-acre resort with a Sam Torrance-designed 18-hole course, which has served as the host of the Senior Scottish Open, as well as the qualifying venue for the British Open. The resort, which was developed in 2001, also has a second 18-hole course, gym, steam room, conference center, swimming pool and other amenities. Bruce Devlin designed the second course, which is referred to as the “Kittocks” course.

"The Fairmont St. Andrews is a profitable business that attracted a wide range of international inventors keen to own a piece of golfing history,” said Paul Collins of CBRE Hotels. “The resort offers the opportunity to grow the business with a globally-recognized operator in place.”

The resort also contains 136,000 square feet of space to develop eight manor homes and 71 holiday homes in addition to the two preexisting manor homes for a total of 81 units.

CBRE’s U.S. based Golf & resort Group worked with CBRE Hotels’ London office to complete the transaction.

“A strong team of specialists was assembled on both sides of the pond to successfully represent the seller of this unique golf resort,” said, Jeff Woolson CBRE’s Golf & Resort Group’s managing director.

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