The Craiglynne Hotel Sold - Official Press Statement, 1st August 2019
"The Craiglynne Hotel sold by Crerar Hotel Group to further investments"
Crerar Hotel Group is delighted to announce that The Craiglynne Hotel in Grantown-on-Spey has been acquired by Bespoke Hotels on behalf of investors.
The sale is a boon to Crerar’s self-financed redevelopment plans and forms part of a strategy to lift standards across the portfolio using funds from selling non-core hotels. Craiglynne’s acquisition follows swiftly on from the sale of another of the group’s Highland properties, Ben Wyvis Hotel in Strathpeffer, in July.
“We are very pleased with this sale,” chief executive Paddy Crerar said. “The Craiglynne Hotel has been an excellent asset for us, however, the agreed deal was simply too generous to ignore. It confirms that the appetite for quality Scottish assets continues to grow, which is a clear backing for the already rock-solid Scottish tourism sector.
“The sale of The Craiglynne Hotel is another key milestone in our right-sizing strategy – the capital released by the sale will be fully reinvested in our core properties.”
Total refurbishments are underway at two of Crerar Hotel Group’s 4 star properties, Golf View in Nairn and Loch Fyne Hotel & Spa in Inveraray. Work is also ongoing at Oban Bay Hotel and further upgrades across the group are scheduled to start at the turn of the year.
Haydn Fentum of Bespoke Hotels said: “We are delighted with the purchase of The Craiglynne Hotel, which underlines our commitment and confidence in the Scottish Tourism and the hotel market. We look forward to a long and happy association with the hotel, town and region.”
The sale was brokered by real estate advisory firm Colliers International. Julian Troup, head of UK hotels agency at Colliers, said: “This is further evidence of the increasing demand for larger Scottish hotels. The marketing of The Craiglynne Hotel was conducted in a confidential fashion and attracted a healthy level of interest. It’s a further example of domestic and overseas buyers looking to secure a hotel in a prime Scottish location.”
Crerar Hotel Group had owned and managed The Craiglynne Hotel in the popular tourist town of Grantown-on-Spey since 30th August 2007. Full of traditional Scottish charm, the hotel dates back to Victorian times and still maintains its original attractive stone façade. 14 miles from the busy Scottish resort of Aviemore, with views over the Cromdale Hills, the hotel’s log fires welcome many guests visiting the Speyside area for whisky or walking.
Crerar Hotel Group is a privately owned Scottish company headquartered in Leith, Edinburgh.
8 hotels in Scotland; 437 bedrooms
Turnover year ending March 2019 circa £20 million
Hotel EBITDA circa £4.3 million
Crerar Hotel Group passes 50% of its distributable profit to charitable 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