Thai golf guru tees up bid for Fota Island

A wealthy Thai businessman with an impressive portfolio of Asian golf properties is one of the favourites to become the new owner of the prestigious Fota Island Resort in Cork, with a sale expected to go through this month.

The luxury five-star hotel, golf, and spa resort near Cobh has been on the market since May through Colliers International and Cohalan Downing, under the instruction of receivers PricewaterhouseCooper.

The 500-acre property — which boasts 27 championship golf holes, the hotel, and 59 lodges — was transferred to Nama when the owners Fleming Group went into receivership.

Fota Island Resort is profitable with an annual turnover of €10m and has a guideline price of €20m, though it is understood afinal deal will be in the region of €14m to €17m.

It is understood that there are a number of credible bids for the resort, twice host to the Irish Open, but the bidder believed to be at the front of the queue is Andrew Yau, who is visiting Fota Island for the second time this summer.

Mr Yau, a friend of the late Seve Ballesteros, has impressive golf development credentials having built the Amata Springs Country Club in Bangkok, Thailand, in 2005.

Amata Springs has hosted the Royal Trophy team event between Europe and Asia, LPGA women’s tournaments, and International Final Qualifying for the Open Championship, while this year it will also stage the prestigious Asian Amateur Championship.

Under his direction the course also boasts a floating island green modelled on the famous 17th hole at TPC Sawgrass in Florida.

Other properties include the critically acclaimed Spring City Golf and Lake resort in Kunming, China, which boasts award-winning courses designed by Jack Nicklaus and Robert Trent Jones Jr, and the Gary Player-designed Ria Bintan Golf Club in Indonesia.

Mr Yau, 62, is believed to have been impressed with the operation at Fota but keen to invest further should his bid prove successful, with particular focus on the already well-regarded golfing facilities.

Fota’s Deerpark course staged the 2001 and 2002 Irish Opens and the resort is keen to bring the European Tour event back to Cork.

The Thai’s track record in bringing Amata Springs from the drawing board to life earned praise from the course’s architect Lee Schmidt, who said the principal owner had “set a high standard as to what hisexpectations were from the early stages of the project” and should he buy Fota Island, the expectations are that he will be fully committed to seeing the property realise its potential.

Mr Yau is set to return to Cork in early October.

A spokesman for the resort declined to comment on the identity of bidders, but while there is also strong interest closer to home, the indication is that special preference to Irish bids is unlikely to be given as the receivers are looking for the best possible price.

Property consultant Maurice Cohalan of Cohalan Downing said: “Negotiations are at an advanced stage with a number of parties and we’re hoping to bring them to a satisfactory conclusion in the next couple of weeks.”