Colliers International has facilitated the sale of a popular Perthshire hotel in the destination town of Pitlochry, in an off-market deal to Irish-owned CastleCollection.com, with a guide price of £2,500,000 for the freehold property and business.
The 72-bedroom Scotland’s Hotel & Leisure Club was sold by Julian Troup, head of Colliers’ UK Hotels Agency, on behalf of the Crerar Hotel Group.
Mr Troup said: “The acquisition of Scotland’s was conducted in a highly confidential fashion and is a further example of domestic and overseas buyers looking to secure a hotel in a prime Scottish location."
Crerar Hotels have retained Colliers to assist in disposing of a further cluster of their hotel portfolio.
The hotel is situated off the main street of Pitlochry and has 72 bedrooms, impressive lounge, restaurant and swimming pool, as well as planning consent for 24 additional bedrooms.
It has been acquired by the CastleCollection.com, which is owned and run by the MacCumhaill family. Scotland’s Hotel & Leisure Club forms their seventh hotel property across Scotland, Ireland and Wales and joins Fishers Hotel and Atholl Palace, also in Pitlochry.
Paddy Crerar CBE, CEO of Crerar Hotel Group, said: “It was a pleasure to deal with MacCumhaill family and CastleCollection.com, which made the difficult decision to let Scotland’s go much easier. Scotland’s could well have been retained to be redeveloped and join the high-quality portfolio we are fully committed to building however the deal made sense to both parties, we are very pleased with the terms and wish Castle Collection every success with this latest addition to their group.”
Fionn MacCumhaill, managing director of the CastleCollection.com added "We are delighted to add Scotland’s Hotel & Leisure Club to our collection, which will strengthen the hotel base and tourist offering, in what we believe is the heart of Scotland. Pitlochry is a great choice for staycation tourism and we aim to create a modern metro boutique hotel with spa to grow this segment of the market.
“We will be investing a further £2,000,000 over the coming year to develop Scotland’s Hotel & Leisure Club into a modern vibrant metro boutique hotel, so keep an eye on ScotlandsHotel.com for updates and great new special offers.”
Paddy Crerar concluded: “Our strategy is on track to `right size` our Scottish portfolio and we are well on with significant investment and development of the majority of our retained hotels. Once our investment plans are complete, we believe Crerar Hotels will be one of the country’s most desirable hotel groups of the highest quality. Colliers have been instructed to market a further three of our hotels, each of which are solid highly profitable performers in great locations - as a group of three they are a very attractive opportunity following Colliers advice on a portfolio pricing approach.”