Cameron House sold to KSL for £70m

23 November 2015 by
Cameron House sold to KSL for £70m

Cameron House, the five-AA-star, 132-bedroom golf hotel on the banks of Loch Lomond, has been sold to American private equity firm KSL Capital Partners for £70m.

In March the joint venture, operating as Devonshire Point Partnership, is believed to have initiated proceedings to offload the entire 27-strong QHotels group. It was later announced that Cameron House would be sold separately for around £80m, while a figure of £650m was suggested as being the asking price for the remaining collection of 26 hotels.

Under KSL's ownership, Cameron House will become a sister hotel to the Belfry hotel and golf resort in Sutton Coldfield, West Midlands and the 22-strong Village Urban Resorts. In June, KSL sold Malmaison and Hotel du Vin for £363.5m, having bought the two boutique brands two years earlier for around £200m.

QHotels declined to comment on the sale of Cameron House, but earlier this week announced that it will be investing £50m in its portfolio of four-AA-star hotels over the next two years.

Over £1m will be spent on improving Wi-Fi bandwidth and access points, while the bulk of the cash will be used to upgrade bedrooms, bathrooms, furnishings, air conditioning and conference and events spaces.

The group said that turnover is 12% ahead of last year's figures, with income expected to break £200m for the first time this year. Last year's turnover, excluding the De Vere properties, was £132m.

Michael Purtill, managing director of QHotels, said: "We constantly look at ways to deliver better products and services and how we can continue to improve, based on our customers' feedback. The £50m will be invested in areas specifically highlighted, such as Wi-Fi, to ensure that we continue to lead and innovate in the sector."

QHotels was founded by Purtill and Ian Goulding in 2003 with just two hotels.

Cameron House, which comprises two golf courses, a spa and 184 timeshare lodges, is the second major resort hotel in Scotland to be sold this year following the acquisition in June of the five-AA-red-star, 232-bedroom Gleneagles resort to Ennismore, for around £200m.

CBRE Hotels advised on the sale of Cameron House.

Cameron House on market, separately from rest of QHotels >>

Gleneagles sold to Hoxton owner >>

Six-strong De Vere Hotels sold to QHotels >>

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