close

Crerar Hotel Group sells Ben Wyvis Hotel to reinvest in stronger assets

sale

A popular Highlands hotel has been sold as its owner looks to trim down its portfolio and focus on strengthening its core assets.

Ben Wyvis Hotel in Strathpeffer has been sold by Crerar Hotel Group off a guide price of £2.5m for the freehold to the family-run Strathmore Hotel Group.

The hotel was put up for sale in March, alongside two other hotels in the Crerar Group as the company looks to invest £15m into enhancing its remaining six hotels into more ‘high-end’ four-star establishments.

Story continues below
Advertisement

The 92-bedroom Ben Wyvis hotel, complete with bar, restaurant and cinema room, will join seven other properties as part of Strathmore Hotels, which is owned by the Rickard family.

Paddy Crerar CBE, chief executive of Crerar Hotel Group, said that the sale of Ben Wyvis was a ‘key milestone’ in the group’s ‘right-sizing strategy’ and will help release the funds to invest in the rest of its portfolio.

Chris Rickard of Strathmore Hotels said: “I have been a long-time admirer of Crerar Hotels and I am delighted that we are able to add the Ben Wyvis to our portfolio. A special thanks to Mr Crerar and Colliers for their professionalism throughout the process – and my gratitude also to Euan Tripp at Brodies LLP and Craig Smith at Handelsbanken for their support as always.’’   

Julian Troup, Head of UK Hotels Agency at Colliers International, commented: “We have found that the whole of Scotland has increased in popularity in the last three or four years; the main drivers have come from both overseas buyers and the national growing confidence in resident buyer’s belief in the security of the hospitality industry.” 

Tags : colliers internationalCrerar HotelsoperatorsScotlandsold
Zoe Monk

The author Zoe Monk

Leave a Response