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Buyer for Speyside hotel

Crerar hotels disposals continue with £2m Craiglynne deal

New owner: Craiglynne Hotel

Craiglynne Hotel in Speyside has been acquired for an estimated £2 million by Bespoke Hotels, acting for investors, from Crerar Hotel Group.

The sale was brokered by real estate advisory firm Colliers International and is the latest in a series of disposals by Crerar.

Julian Troup, head of UK hotels agency at Colliers, said: “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, 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.

Mr 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.”

Crerar Hotels has retained Colliers International to assist in disposing of further potential hotels within the portfolio.

Shepherd and Wedderburn advised on the deal.

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