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£2.5m deal completed

Strathmore adds Ben Wyvis to growing hotels portfolio

Ben Wyvis Hotel

Highlands sale: Ben Wyvis Hotel


 

Ben Wyvis Hotel in the Highlands has been acquired by the Strathmore Hotel Group, owned and run by the Rickard family, for an estimated £2.5 million.

The sale of the 92-bedroomed hotel in Strathpeffer, brokered by Colliers International, is part of Crerar Hotel Group’s decision to dispose of a number of assets. The Ben Wyvis adds to Strathmore’s seven other assets.

Julian Troup, head of UK hotels agency at Colliers, commented: “We have found that the whole of Scotland has increased in popularity in the last three or four years. The main drivers have come from both overseas buyers and the national growing confidence in resident buyer’s belief in the security of the hospitality industry.”

Crerar Hotels has retained Colliers International to assist in further potential hotel disposals.

Chris Rickard of Strathmore Hotels said: “I have been a long-time admirer of Crerar Hotels and I am delighted that we are able to add the Ben Wyvis to our portfolio.”

Paddy Crerar, chief executive of Crerar Hotel Group, added: “Colliers brought a number of no-nonsense professional parties to the table, all with the ability to transact and deliver at the level we required; allowing a very straight forward and practical process that fulfilled our expectations to every degree.”

Mr Crerar added: “The sale of the Ben Wyvis 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.”



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