Fairmont St Andrews Hotel & Golf Resort goes on market for £37m

Fairmont St Andrews Hotel and Golf Resort has been put on the market for £37m by its owner, real restate and private equity firm, Ares Management.

The 209-bed luxury property, which is managed by Fairmont Hotels & Resorts, features a spa, two golf courses, and planning permission for dozens of new holiday homes on a 520-acre estate a few miles south east of the Fife town.

Global selling agent CBRE said the opportunity offered the purchaser a “truly unique” chance to further establish the location as one of the foremost conference, wedding, golfing and leisure destinations in the UK.

Pre-tax losses more than tripled to £12.8 million during the 12 months to December 2012, though gross profits were up 23% at £3.8m.