Latest Crerar Hotel Group News

Official Press Statement on 28th September 2018 - "Chevin Country Park Hotel & Spa leaves Crerar with an all Scottish portfolio"

Crerar Hotel Group is delighted to announce that they have agreed the sale of their Chevin Country Park Hotel & Spa to the Diamond Hotel Collection.

Crerar owned and managed the unique destination hotel, just two miles from Leeds Bradford Airport for 12 years, and in the lead up to the sale, the management team were leading the local wedding marketing as they welcomed over 100 couples and their guests in 2017 alone. In addition to the weddings, the UK growth in wellness and spa experiences meant that Chevin saw a huge upward trend in day spa visitors.


Paddy Crerar CBE, “We knew that Chevin Country Park Hotel & Spa offered a unique hotel experience in the locale if we managed to get it right, and over the past few years the management and team have transformed the business to what it is today in commercial terms, and I am thankful for their commitment and hard work.”

 

"Of course we are sad to sell such a unique hotel, yet proud of what we achieved, the sale represents significant value to us."

"Our reasons for sale are straightforward and relate entirely to our overall strategy for the Crerar Hotel Group. It is our intention to invest in the region of £10m back into the estate over the next three years to create the highest quality artisan hotels within our market. We believe that the continued success of Scottish hospitality will grow, with that growth at its fastest pace at the top of the market where consumers are looking for quality and authenticity in equal measure."

"We have commenced total refurbishments in our 4 star Golf View Hotel & Spa, Nairn, and also our 4 star Loch Fyne Hotel & Spa, Inveraray. A number of other hotels will follow with refurbishment scheduled to start at the turn of the year."

"Our ultimate position is to have a portfolio of the highest quality hotels in the most outstanding locations. We have an extremely supportive partner in our bankers Santander however our redevelopment plans will be self-financed from profits and potential sale of further non-core hotels."

"We wish to thank Colliers International for their superb brokerage in this deal and in particular Julian Troup, Head of International Hotel Sales. Julian Troup continues to advise us and will be assisting with further hotel sales as part of our group rightsizing strategy."

“Andrew Blain and his team from Shepherd & Wedderburn LLP were outstanding in their pragmatic and practical approach and invaluable in delivering this exceptional deal.”

 

Background
Crerar Hotel Group is a privately owned Scottish based company headquartered in Leith, Edinburgh.

12 hotels, 11 in Scotland and 1 in Yorkshire; 737 Bedrooms 
490 Employees
Turnover year ending March 2018 circa £26 million
Hotel EBITDA circa £6 million

Crerar Hotel Group passes 50% of its distributable profit to charity and good causes annually through the Crerar Trust chaired by Paddy Crerar CBE.
Press Contact
Paddy Crerar CBE
CEO
crerar@crerarhotels.com
Press contact number: 0131 561 1203 or 07778 126 329


No other employee or director is authorised to make any press comment