The Fairmont St Andrews conference hotel has been bought by Kennedy Wilson Europe Real Estate from SABD Holding.
The 209-room hotel will continue to be operated by Fairmont Hotels and Resorts until 2031 under a management agreement.
Kennedy Wilson Europe said it had identified several options for improving the hotel, including a possible upgrade to the club house.
The deal is Kennedy Wilson Europe's second luxury hotel purchase this year, following the £23.9m acquisition of Dublin’s Portmarnock Hotel in June.
Fairmont St Andrews has two 18-hole golf courses, two four-bed manor houses, spa, and 15,000 sq ft of flexible meeting space.