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Loss-making Fairmont St Andrews put up for sale

19 June 2014 by
Loss-making Fairmont St Andrews put up for sale

The loss-making five-AA-star, 209-bedroom Fairmont St Andrews hotel has been put up for sale, with offers of around £35m being invited.

Located on Scotland's east coast in the home of golf, the hotel will this year host the Scottish Senior Open for the sixth consecutive year. Alongside two golf courses, the hotel has four restaurants, extensive conference facilities and a spa.

The hotel's parent company, St Andrews Bay Development, announced a loss for the financial year to 31 December 2012 of £12.8m, compared to a loss of £3.8m the previous year, according to the company's annual report lodged at Companies House.

Gross profit was £3.8m (2011: £3.1m) on a turnover of £13.1m (2011: £12.7m). The dramatic rise in the hotel's loss was explained by a £10.6m impairment charge on the value of the property.

Originally built by Don Panoz in 2001, the hotel was sold to Apollo Real Estate Advisors, now part of Ares, in 2006, when management of the property was taken over by Fairmont Hotels & Resorts since 2006.

The hotel is being marketed through real estate agent, CBRE.

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