Crerar Hotel Group has sold its Ben Wyvis hotel off a guide price of £2.5m to Strathmore Hotel Group.
The group has sold the freehold property and business of the 92-bedroom hotel in Strathpeffer in the Highlands having put the hotel on the market along with two other properties, the Craiglynne hotel in Grantown-on-Spey and Eight Acres hotel in Elgin, Moray. Crerar is in “positive discussions” for the sale of the other two properties.
At the time the group said the decision of controlling shareholder and chief executive Paddy Crerar to “reduce his personal involvement in the business” had led to “a new target scale and consequent need for disposals”.
The property has joined Strathmore Hotels, owned and run by the Rickard family, which has a seven-strong portfolio of hotels, including the Cairn hotel in Harrogate, North Yorkshire, the Salutation hotel in Perth, the Ben Nevis hotel near Fort William and the Cumbria Grand hotel in Grange-over-Sands.
Crerar’s remaining portfolio consists of five hotels and three inns, including the Golf View Hotel & Spa in Nairn; Loch Fyne Hotel & Spa in Inveraray, Argyll; Thainstone House in Inverurie, Aberdeenshire; the Obay Bay hotel in Argyll; and the Isle of Mull hotel in Craignure.
Paddy Crerar, chief executive of Crerar Hotel Group, said: “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.”
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. A special thanks to Mr Crerar and Colliers for their professionalism throughout the process – and my gratitude also to Euan Tripp at Brodies and Craig Smith at Handelsbanken for their support as always.’’
Julian Troup, head of UK hotels agency at real estate advisory Colliers International, which acted on behalf of the Crerar Hotel Group, added: “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 have continued to retain Colliers International to assist in disposing of further potential hotels within their portfolio”