The contract price wasn't disclosed in a prepared statement but Apollo states it plans to invest 10 million British pounds (US $18.8 million) in refurbishing the five restaurants and a 3,500-sf spa and health club. The property also has two 18-hole golf courses.
The property is two miles from the town of St. Andrews, Fife, Scotland where the 172-year-old Royal and Ancient Golf Club of St. Andrews is an international landmark. The St. Andrews Bay Golf Resort & Spa is not affiliated with the Royal and Ancient Golf Club of St. Andrews.
Johnny Robertson, director of Apollo Real Estate Advisors in Europe, couldn't be reached by GlobeSt.com's publication deadline to learn the purchase price. The Bank of Scotland Corporate is financing the acquisition. Robertson says in the statement the acquiring property is "in one of the most important tourist locations in Scotland."
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