R&A member leads deal
Hong Kong golf fan buys Fairmont St Andrews
Driving a good deal: Fairmont St Andrews in Fife
One of Scotland best-known hotels, Fairmont St Andrews, has been snapped up by Hong Kong company seeking out global investments in the golf and hospitality industries.
Acquisition of St Andrews Bay Development is Great Century’s first investment and was led by its co-chairman Dr CYM Chan who is a member of The Royal & Ancient Golf Club.
Dr Chan describes himself as “a passionate golfer with over 30 years’ experience in the golf & hospitality industries.”
He said: “It is a privilege and an honour to participate closely in the future enhancement of this great property at St Andrews, Scotland, the Home of Golf.”
Dr. Peter Lam, chairman of Lai Sun Group and co-chairman of Great Century, added: “I am extremely confident about the future potential that the Fairmont St Andrews holds. I am proud to be a partner in this long-term investment.”
Fairmont, an Accor brand, continues to manage and operate the 211-room hotel on its 520-acre estate under its long-term management agreement.
It enjoys spectacular cliff-top views and boasts two championship golf courses, The Kittocks and The Torrance, in addition to a 10-treatment room spa, five restaurants and bars, 3,000sqm of conference and event space and two private Manor Homes, each with four bedrooms.
Marc Dardenne COO Accor Europe, Luxury Brands said: “Fairmont St Andrews is one of the most prestigious addresses in Accor’s portfolio and we are delighted that it has become Great Century’s first investment. We look forward to working with the team at Great Century to build on the property’s proud heritage and its unique place in the hearts of golfers from around the world.”
John Keating, general manager of Fairmont St. Andrews, added: “This partnership marks a special day for Fairmont St Andrews, bringing together the strengths, passions and vision of Great Century, Fairmont and Accor to create greater opportunities for the hotel in the domestic and international markets.”
Fairmont St Andrews will host the Final Qualifier for The 2020 Open Championship at Royal St. George’s Golf Club.