Bay Glenburn hotel sold to Malaysian buyer
The 121-bedroom Bay Glenburn hotel on the Isle of Bute, off the west coast of Scotland, has been sold to an unnamed Malaysian investor, off a guide price of £1.8m.
Originally built in 1842 and rebuilt 50 years later as a hydrotherapy retreat, the property is located in Rothesay, on the island's east coast. It features a 200-cover restaurant, ballroom and lounge.
The hotel has been recently been operated by Shearings Holidays, which has agreed to remain involved in the sales and marketing of the property for the next three years.
The deal was brokered by property company Christie & Co.
Ken Sims, director at Christie & Co, said: "The purchase of the Bay Glenburn hotel is the first foray into the UK market for this investor."
"We have seen an increase in Asian investors entering the UK market in recent times, but now it looks like investors are moving away from the highly-sought after London market, beyond prime locations such as Stratford and Cambridge, and are looking to invest in areas further afield."
Balbirnie House named Scottish Hotel of the Year >>
CampbellGray Hotels expands with Audeh Group backing >>
Gleneagles unveils multi-million pound refurbishment plan >>
Latest video from The Caterer
