Ben Wyvis Hotel Sold - Official Press Statement, 9th July 2019
Crerar Hotel Group sells Ben Wyvis Hotel to fund further investment
Crerar Hotel Group is delighted to announce the sale of Ben Wyvis Hotel in Strathpeffer to Strathmore Hotels.
The sale’s completion is part of the group’s redevelopment plans, which are being self-financed from profits and sale of non-core hotels.
“It’s with a mix of happiness and sadness that we announce the sale,” chief executive Paddy Crerar said. “We’re sorry to see the hotel go, but Ben Wyvis will be in good hands with this well-established, Scottish travel trade-led hotel company. We wish Strathmore and all those at the Ben Wyvis every future success.
“The rightsizing of Crerar Hotels’ portfolio and subsequent self-financed investment has been well-publicised. We’ve already delivered several million in capital expenditure and plans for a significant lift in standards at every hotel are in place.
“The sale of Ben Wyvis Hotel means we can take the next steps towards becoming Scotland’s highest quality hotel groups in the most outstanding locations.”
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.
Crerar added, “We have a supportive partner in our bankers Santander and we wish to thank Colliers International for their superb brokerage in this deal, in particular Julian Troup, Head of International Hotel Sales. Julian will be assisting with further hotel sales as part of our group development strategy.
“Andrew Blain and his team from Shepherd & Wedderburn LLP were invaluable in delivering this excellent deal.”
Crerar Hotels owned and managed Ben Wyvis Hotel in the Victorian spa town of Strathpeffer. A traditional mansion house in five acres of manicured gardens and woodland, the hotel sits in the shadow of its namesake mountain. Its proximity to Inverness make it a popular stopover choice for Highland and island tours in Scotland.
Crerar Hotel Group is a privately owned Scottish company headquartered in Leith, Edinburgh.
9 hotels in Scotland; 519 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