83-bedroom hotel sold in a deal brokered by Colliers International
Craiglynne Hotel has been acquired by Bespoke Hotels, acting for investors, from Crerar Hotel Group. With a guide price of offers in the region of £2 million for the freehold property and business, the sale was brokered by the specialist hotels and agency team at real estate advisers Colliers International.
The 83-bedroom hotel, which also features a large bar and restaurant, is situated at the heart of Speyside, only a forty-minute drive from Inverness, proving the destination to be popular with those looking for a relaxing getaway.
Julian Troup, Head of UK Hotels Agency at Colliers International, commented: “This is further evidence of the increasing demand for larger Scottish hotels and follows our sale last month of Ben Wyvis Hotel, Strathpeffer, again acting for Crerar Hotels.
“The marketing of Craiglynne Hotel was conducted in a confidential fashion and attracted a healthy level of interest and is a further example of domestic and overseas buyers looking to secure a hotel in a prime Scottish location.
Haydn Fentum of Bespoke Hotels said: ”We are delighted with the purchase of the Craiglynne Hotel, which underlines our commitment and confidence in the Scottish Tourism and the hotel market. We look forward to a long and happy association with the hotel, town and region.”
Paddy Crerar CBE, chief executive of Crerar Hotel Group, added: “We are very pleased with this sale. The Craiglynne has been an excellent asset for us, however, the agreed deal was simply too generous for us to ignore. Indeed, it confirms that the appetite for quality Scottish assets continues to grow, which is a clear backing for the already rock-solid Scottish tourism sector.
“In addition to our thanks to Colliers International, we must also praise the solid and commercial focus of Shepherd and Wedderburn most ably led by Andrew Blain.”
Crerar added: “the sale of Craiglynne Hotel is another key milestone in our right-sizing strategy - the capital released by the sale will be fully reinvested in our core properties taking us even closer to achieving our aim of being Scotland’s highest quality family of hotels and Inns.”
Crerar Hotels have continued to retain Colliers International to assist in disposing of further potential hotels within the portfolio.