A hotel in Moray has been snapped up by a Thailand-based group in a deal thought to be worth around £3.5 million.
The Eight Acres Hotel in Elgin has been acquired by Lake Merritt Group from Crerar Hotel Group in a deal brokered by the hotels team at Colliers International.
Lake Merritt also owns the Braid Hills Hotel, Edinburgh, and last year purchased the Windermere Hydro Hotel in the Lake District.
Julian Troup, head of UK Hotels Agency at Colliers International, said the sale “attracted a healthy level of interest”.
“It is a further example of domestic and overseas buyers looking to secure a hotel in a popular Scottish location. The sale is indicative of a wider trend of increased demand for quality provincial hotel opportunities from a diverse range of potential buyers, ranging from international investors attracted by weaker sterling and improving trading prospects, private buyers seeking the benefits of a lifestyle opportunity and corporate investors focused on favourable returns and real estate alternatives.”
Prab Thakral, an adviser to Lake Merritt Group said: “The Eight Acres Hotel is Lake Merritt Group’s second hotel in Scotland and fourth in UK and we are aggressively and diligently expanding our hotel portfolio, as we have a long-term positive view in UK’s hospitality industry as a whole.”
Eight acres was put up for sale as a portfolio in March last year with Ben Wyvis Hote l in Strathpeffer and the Craiglynne Hotel in Grantown-on-Spey. Ben wyvis was bought by the Strathmore Hotel Group for £2.5 million in July and Craiglynne sold for £2 million to Bespoke Hotels in August.
Paddy Crerar, chief executive of Crerar Hotel Group, added: “We are very pleased with this sale, which is another key milestone in our right-sizing strategy and takes us even closer to achieving our aim of being Scotland’s highest quality family of hotels and Inns.
“The Eight Acres has been an excellent asset for us. However, the agreed deal was simply too generous for us to ignore, particularly as the good chemistry with such experienced buyers made it a painless journey. It once again confirms that the appetite for quality Scottish assets continues to grow, which is a clear backing for the already rock-solid Scottish tourism sector.”
