One of Scotland’s newest golfing hotels is up for sale with a guide price of £37m.
The parent company of the Fairmont St Andrews, built in 2001, reported a steep loss for the year ending 2012 compared to the previous year’s figure – with a property charge of £11m accounting for the disparity.
The original developer is believed to have spent around £58m on the project which features two golf courses and a spa.and is set in a 520 acre estate. Planning permission is reportedly in place for a number of holiday homes in the grounds.
Current owners Apollo Real Estate Advisors bought the hotel in 2006 when Fairmont took over the management contract.
According to reports in local newspaper The Courier, records at Companies House show the hotel’s parent company breached banking covenants.