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Wirefox Real Estate Group has received a loan from OakNorth Bank to part-fund its acquisition of The Ardgowan Hotel in St Andrews Scotland.
The Ardgowan Hotel is a Scottish Tourist Board three-star rated accommodation which comprises 29 en-suite bedrooms, with a further seven in the adjoining Pilmour hotel.
Its Playfair’s Restaurant and Steakhouse has been awarded an AA Rosette every year since 2015, and the hotel also has a bar and outdoor terrace.
Wirefox was established in 2014 and is growing its hotel portfolio through its Marram brand.
Kathryn Robinson, investment director at Wirefox, said: “With Scotland having recently been named the world’s best golfing destination, we’re delighted to be adding the Ardgowan to our growing hotel portfolio.
“The team at OakNorth were highly collaborative and have an in-depth understanding of this asset class. The service experienced with OakNorth was excellent and they assisted with delivering this transaction at pace.”
Damien Hughes, senior director of property finance at OakNorth Bank, added: “St Andrews is home to 11 golf courses, including seven championship courses, meaning it attracts over 1.24m overnight visitors each year. We are confident that the year ahead will be a bumper year for Scottish golf tourism.
“Wirefox has acquired, designed, and developed over £1bn of property since inception, and the team is highly experienced in asset acquisitions, development, leasing, property management, debt capital markets, and marketing.”
