2018 News on Crerar Hotels
Official Press Statement on 30th March 2018 - "Go Glasgow going...."
Crerar Hotel Group is delighted to announce that they have agreed the sale of their GoGlasgow Urban Hotel to Singapore based investor Buxani Group.
Acquired (as a closed hotel) from administrators in late 2014, Crerar transformed the former Swallow Hotel on Paisley Road West from a near derelict wreck into a reflective urban celebration of all things Glasgow. With the name "GoGlasgow" being chosen as a salute to the city which was and continues to "go for it".
An instant success with both corporate and leisure guests tired of the "brand standard" approach from the dominating influences of the global brands. The most notable difference being GoGlasgow’s team who were given free rein to be properly Glaswegian, which could be summed up as an uncompromising no nonsense yet warm banter filled relationship with guests - a relationship as equals without subservience.
Paddy Crerar CBE, “we knew we could do something special at GoGlasgow if we managed to get it right with how our people approached their responsibilities. To us it was obvious that the market was plain bored with a quasi-transatlantic approach to service and we just simply asked our people to be unashamedly Glaswegian. Bold, friendly, no nonsense and proud of who they were and where they came from. They were like ducks to water and we just stood back and let them do what was so natural."
"Of course we are sad to sell such a successful business, yet proud that we have created something so successful that we were approached to sell, and delighted at the final outcome which 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, Nairn and also our 4 star Loch Fyne Hotel, 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 artisan 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 and Robert Smithson continue 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.”
Crerar Hotel Group is a privately owned Scottish based company headquartered in Leith, Edinburgh.
13 hotels, 12 in Scotland and 1 in Yorkshire; 854 Bedrooms
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.
Paddy Crerar CBE
Press contact number: 0131 561 1203 or 07778 126 329
No other employee or director is authorised to make any press comment