Blantyre and Fairtree swoop on Crerar Hotels
Blantyre Capital and its operating partner Fairtree Hotel Investments have acquired privately-owned Crerar Hotel Group.
Edinburgh-based Crerar’s portfolio of seven 4 and 5 star hotels in Scotland will form a key part of the new owners’ plans to build a significant luxury UK hotel portfolio.
It is Blantyre and Fairtree’s fourth hospitality purchase in the UK since 2021, following the acquisition of Fonab Castle and Dunkeld House Hotel in Perthshire, as well as the Daffodil Hotel and Spa in Cumbria.
Crerar owns the Balmoral Arms at Ballater; The Glencoe Inn and Island View House, Glencoe; Thainstone House, Inverurie; Oban Bay Hotel, Oban; Isle of Mull Hotel & Spa, Craignure; Loch Fyne Hotel and Spa, Inverary; Golf View Hotel & Spa, Nairn. It was not clear which of these is not included in the deal.
Outgoing chairman Paddy Crerar said: “We set out to deliver the type of hotels and service that properly reflects Scotland – a world class destination that is consistently a podium finisher in the global tourism marketplace. It’s been an absolute joy seeing our ambitions flourish and be rewarded by guest demand and loyalty.
“The current year we believe will be our best yet with double digit growth forecasted in every month ahead.”
Chris Wayne-Wills remains in post as Crerar Hotels CEO, supported by his existing team as the group plugs into the new ownership structure.
Blantyre and Fairtree will be making more announcements on their plans and the further development of the hotels.
Mr Wayne-Wills said: “This is an extremely exciting time for Crerar Hotels. We are looking ahead to a record year of performance with our hotels now at the highest level of facility and service. Knowing the ambition of the new owners our teams are ready and will relish the opportunity to make this next step change an unbridled success.”
Blantyre Capital is an independent London-based investment firm that manages long-term committed capital in excess of €1.8 billion on behalf of institutional investors including public and private pension plans, endowments, foundations, and family offices.
The joint venture with Fairtree Hotel Investments was established in 2021 with the aim of creating a portfolio of high-end luxury hotels in the UK.
Following the acquisition of Crerar Hotels, the partnership now owns and operates 10 hotels across the UK and continues to seek out opportunities for further expansion.
Julian Troup, head of UK hotels – agency at Colliers, advised the vendors, while the price was not disclosed.