The company that operates the 209-bedroom Fairmont St Andrews hotel in Scotland made a pre-tax loss of nearly £2.5m in 2017, despite a boost in revenue from its refurbished rooms.
Accounts for St Andrews Bay Development for the year to 31 December 2017 showed a 15.8% increase in revenue for the year to £15.1m, up from £13m the year before.
The business, which also comprises a conference centre, four restaurants, a spa and two golf courses, saw revenue from its rooms increase from £6.1m in 2016 to £7.5m in 2017.
The company credited the increase to the refurbishment of its rooms, which finished in early 2017, having left the hotel operating at reduced capacity in 2016.
Revenue from food and beverage operations increased from £4.7m in 2016 to £5.1m in 2017.
The company also increased its revenue from golf operations and other sundry revenues from £2.3m to just over £2.4m in 2017.
Meanwhile, the accounts also revealed that a valuation of the hotel, golf courses, land and buildings by CBRE as at 31 December 2017 puts a £42.3m price tag on the resort.
The hotel is owned by US-based global real estate investment firm Kennedy Wilson.
The Fairmont brand was acquired in 2016 by AccorHotels as part of its acquisition of FRHI Holdings (FRHI), the parent company of Fairmont, Raffles and Swissôtel. The Fairmont St Andrews is one of two Fairmont hotels int he UK, alongside the Savoy in London.
AccorHotels paid for the hotels with a cash payment of £554m and the issuing of 46.7million shares to Qatar Investment Authority (QIA), Kingdom Holding Company (KHC) of Saudi Arabia and Oxford Properties, an Ontario Municipal Employees Retirement System (OMERS).