Apollo Fund Buying St. Andrews Resort

ST. ANDREWS, SCOTLAND-The five-year-old St. Andrews Bay Golf Resort & Spa is expected to come under new ownership this month when New York-based Apollo European Real Estate Fund II LP buys the property from Braselton, GA-based Chateau Elan Hotels & Resorts.

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.