The contract price wasn't disclosed in a prepared statement but Apollo states it plans to invest 10 million British pounds (US $18.8 million) in refurbishing the five restaurants and a 3,500-sf spa and health club. The property also has two 18-hole golf courses.
The property is two miles from the town of St. Andrews, Fife, Scotland where the 172-year-old Royal and Ancient Golf Club of St. Andrews is an international landmark. The St. Andrews Bay Golf Resort & Spa is not affiliated with the Royal and Ancient Golf Club of St. Andrews.
Johnny Robertson, director of Apollo Real Estate Advisors in Europe, couldn't be reached by GlobeSt.com's publication deadline to learn the purchase price. The Bank of Scotland Corporate is financing the acquisition. Robertson says in the statement the acquiring property is "in one of the most important tourist locations in Scotland."
The property will be reflagged by early fall. Robertson says the acquisition expands Apollo's European investments in the hospitality sector and the hotel company's European presence, joining the Savoy, a Fairmont hotel and the Fairmont Monte Carlo.
Apollo has retained Toronto-based Fairmont Hotels & Resorts on a long-term contract to manage the asset, beginning July 1. "This is the first time we have worked with Fairmont in Europe and we look forward to developing a long-term successful relationship with them on this and other opportunities in the future." "They chose not to disclose the price at this time," Fairmont representative Lori Holland tells GlobeSt.com.
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