Fairmont St. Andrews is under new ownership after its holding company St Andrews Bay Development Ltd was taken over by partners of investment and asset management firm Great Century.
This marks the first UK investment for the company which is headquartered in Hong Kong and specialises in the golf and hospitality industries.
Fairmont is a brand from French hospitality giant Accor, who will continue to operate the site under a long-term management agreement.
Dr. Peter Lam, chairman of Lai Sun group and co-chairman of Great Century, said: “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.”
COO of Accor Europe, Luxury Brands, Marc Dardenne 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.”
General manager John Keating 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.”
The 211-bedroom site is situated on 520 acre grounds, which features cliff top views as well as two championship golf courses, the Kittocks and the Torrance.
The five-star hotel said it aims to “encapsulates luxury, elegance and truly breathtaking surroundings in the ‘Home of Golf”.