The sale of the Bay Glenburn Hotel on the Isle of Bute to an unnamed Malaysian investor has highlighted the increase in Asian buyers moving away from the London market and opting to buy properties further afield.
Originally built in 1842 and rebuilt 50 years later, the 121-bed hotel is situated in Rothesay and features a 200-cover restaurant as well as a function room and lounge which seats 100 people.
Christie + Co, who brokered the deal on behalf of the vendor, said that the sale demonstrates the increase in the number of Asian investors moving away from highly-sought after markets such as London, Stratford and Cambridge in a bid to discover hidden gems further afield.
Trading as a Bay hotel, the business was marketed on both a branded or unbranded basis by Christie + Co.
Current operator Shearings Holidays has agreed to remain associated with the hotel in an ongoing sales and marketing capacity for the next three years, to allow a smooth transition to the incoming owners.
Ken Sims, director at Christie & Co, who brokered the deal on behalf of the vendor, commented: “The purchase of the Bay Glenburn Hotel is the first foray into the UK market for this investor.”