Funds advised by Blantyre Capital Limited (“Blantyre”) together with their operating partner Fairtree Hotel Investments (“Fairtree”) have acquired privately owned Crerar Hotel Group to further expand their UK luxury leisure Platform.

This acquisition marks Blantyre and Fairtree’s fourth landmark hospitality purchase within the
UK since 2021 having also acquired Fonab Castle and Dunkeld House Hotel in Perthshire,
Scotland and the Daffodil Hotel and Spa in Cumbria, England.

Crerar’s highly regarded portfolio of seven 4 and 5 star hotels will form a key part of the new
owners’ plans to build a significant luxury UK hotel portfolio.

Crerar Hotel Group had recently realigned their market position targeting the more affluent
upper market through a blend of high quality refurbishments matched with an
uncompromising approach on service authenticity. Their bold approach, in the face of well
understood external market pressures, was successful in attracting some of the best
hospitality talent to the group and has ultimately been rewarded with outstanding growth in
all areas.

Outgoing Chairman Paddy Crerar CBE commented on the recent acquisition;

“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

“The current year we believe will be our best yet with double digit growth forecasted in every
month ahead.”

“After getting to know the new potential owners it was soon clear that they shared identical
aims and ambitions to those we have worked hard to foster at Crerar Hotels. Their view of
the potential for high quality hospitality in Scotland pitched to the global stage is
unquestionable and their access to greater resources makes delivering on the potential of
Crerar Hotels achievable.”

The highly talented Chris Wayne-Wills remains in post as Crerar Hotels CEO supported by his
existing team as the group plugs into what is now becoming a significant luxury platform in
the UK. Blantyre and Fairtree will be making more exciting announcements on their plans for
growth and the further development of some of Scotland’s most authentic 4- and 5-star

Paddy Crerar and his Co-Director Nigel Dearnley, although no longer connected to Crerar
Hotels, retain a formal link with the new board and remain staunch supporters of the
business; they look forward to following the progress of a company that is destined to

Chris Wayne Wills CEO of Crerar Hotels added;

“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.”

“A key driver for Crerar Hotels is to be the employer of choice wherever we have a hotel. We
work very hard to achieve that with the stability and quality of our teams standing as the
judgement marker of success. With a change in ownership the employee opportunity horizon
widens further, with the existing portfolio of hotels now brings career development options
which we are very keen to get going on.”

“Crerar Hotels has taken time to develop a distinct and authentic DNA - it is a strong and clear
identity that matches the ambitions and aims of the new owners. The road ahead was and
remains just as clear, new ownership accelerates us to the opportunities much earlier than
we might have hoped previously.”

Joe Bester of Fairtree commented;

“Both Nic Ross and I, at Fairtree, are hugely excited to be expanding our hotel portfolio in
Scotland with the addition of the Crerar Hotel Group, which offers a variety of beautiful hotels
in iconic locations across Scotland. The pride the group has in offering an exceptional guest
experience is an excellent fit with the existing portfolio properties, and we are looking forward
to building on the huge opportunity this acquisition offers us to expand and enhance the
portfolio within the national and international marketplace.”

“We are extremely proud to have a strong partner like Blantyre in this iconic portfolio
acquisition as we continue to build out our UK luxury leisure portfolio.”

Johann Scheid of Blantyre concluded;

“We are very pleased to have concluded our fourth deal and first group deal with our partners
Fairtree and are excited about the momentum in building our luxury leisure hospitality
portfolio with them across the UK. The addition of these 7 high quality assets to our platform
allows us to expand on our offering in providing unique and memorable experiences to our
international customer base. We are grateful for all the outstanding work our existing staff
members at Fonab, Dunkeld and the Daffodil are doing on a daily basis to differentiate our
hotels from others and warmly welcome our new colleagues to continue this exciting

Julian Troup, Head of UK Hotels – Agency, at Colliers advised the vendors, and the confidential
transaction took place at an undisclosed price.

About Crerar Hotel Group

Crerar Hotels share the spirt of Scotland through authentic hospitality. Their collection of 4-
and 5-star dog-friendly hotels and inns each have their own personality, reflecting their
history, their landscape and their people. They embody Spiorad na h-Alba – the spirit of

About the Blantyre-Fairtree joint venture

Blantyre Capital and Fairtree hotel Investments established a joint venture 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 high quality hotels in spectacular
destinations across the UK and continues to seek out opportunities for further expansion.

About Fairtree

Fairtree Hotel Investments is a UK based hotel investment and asset management company
led by Joe Bester, Kobus Nel and Nic Ross. The team has extensive experience in the
hospitality industry, having transacted over £450m of hotel investments across South Africa
and the UK. Its business model is focused around identifying and executing opportunities
where the team can apply its hospitality expertise to deliver exceptional investor returns.

About Blantyre Capital

Blantyre Capital Limited is an independent London-based investment firm that manages long-term committed capital in excess of €1.8 billion on behalf of highly regarded institutional
investors including public and private pension plans, endowments, foundations, and family
offices. The firm employs a range of investment strategies across multiple jurisdictions
seeking to provide flexible capital to support their investment partners through periods of
growth or transition. Blantyre endeavours to be the leading middle market special situations
partner of choice for its investors and investment partners by helping to transform businesses

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