Irish Group Castle Collection Buys it’s Third Scottish Hotel

Main Photo: Scotland’s Hotel & Leisure Club, Pitlochry

Date: January 2019

Location: Pitlochry, Scotland

Name: Scotland’s Hotel & Leisure Club

No. of Keys: 72

Seller: Crerar Hotel Group, which is reported to be planning three further disposals.

Buyer: The Castle Collection. The guide price for the property and business was £2.5m.

Castle Collection, which is owned and run by the MacCumhaill family, already owns Fisher’s Hotel and Atholl Palace in Pitlochry.

The company said it would be investing a further £2m over the coming year to develop Scotland’s Hotel into a “modern vibrant metro boutique hotel”.

Castle Collection owns four other hotels in Ireland and Wales.

Fionn MacCumhaill, managing director of the Castle Collection, said: “We are delighted to add Scotland’s Hotel & Leisure Club to our collection, which will strengthen the hotel base and tourist offering, in what we believe is the heart of Scotland.

“Pitlochry is a great choice for staycation tourism and we aim to create a modern metro boutique hotel with spa to grow this segment of the market.”

The off-market deal was facilitated by real estate firm Colliers International, which has been instructed to market a further three unspecified Crerar hotels as part of the group’s plans to restructure its portfolio.

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.”

Crerar’s portfolio includes hotels in Nairn, Inveraray, Inverurie, Oban, Elgin, Grantown-on-Spey and Isle of Mull.

Price: £2m

Price per Key: £27,777

THPT Comment: There was a sale agreed, for the whole of Crerar, in July 2017, with Thai based FICO, owners of Jupiter Hotels, but sadly this fell through. Interesting to see if Paddy Crerar will sell the other hotels, beside the three being marketed by Colliers.

First Seen:  BBC News

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