Scotland's Hotel & Leisure Club sold from Crerar
Official Press Statement on 9th January 2019 –
"Scotland's Hotel & Leisure Club sold from Crerar"
Crerar Hotel Group is delighted to announce that they have agreed the sale of their Scotland's Hotel & Leisure Club to the Castle Collection.
Crerar owned and managed the unique hotel, in Pitlochry set in the heart of this picturesque town. The Scotland's Hotel was originally named after the man who built it and dates back to the early 1900's. Geographically, at the centre of Scotland and is easily accessible from all over Scotland and ideally located for the increasingly popular Enchanted Forrest event which takes place each autumn.
“We are of course sad to sell such this hotel”, Crerar Hotels chief executive Paddy Crerar said: "Our strategy is on track to 'right-size' our Scottish portfolio and we are well on with significant investment and development of the majority of our retained hotels.
"Once our investment plans are complete, we believe Crerar Hotels will be one of the country's most desirable hotel groups of the highest quality."
"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 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.”
Crerar Hotel Group is a privately owned Scottish based company headquartered in Leith, Edinburgh.
10 hotels in Scotland; 737 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