Crerar Hotel Group has brought a three-strong portfolio of Scottish hotels to the market for £6.85m as the group's chief executive reduces his involvement in the business.
The 92-bedroom Ben Wyvis hotel in Strathpeffer and 83-bedroom Craiglynne hotel (pictured) in Grantown-on-Spey, both in the Highlands; and the 52-bedroom Eight Acres hotel in Elgin, Moray; are being offered as a portfolio for offers in the region of £6.85m for the freehold assets complete with goodwill and trade contents.
While the group's plans are still evolving, the decision of chief executive and controlling shareholder Paddy Crerar to reduce his personal involvement in the business has led to a new target scale and consequent need for disposals.
The sale would leave the hotel group with five hotels and three inns, including the Golf View Hotel & Spa in Nairn; Loch Fyne Hotel & Spa in Inveraray, Argyll; Thainstone House in Inverurie, Aberdeenshire; the Obay Bay hotel in Argyll; and the Isle of Mull hotel in Craignure.
Crerar Hotels also sold the Hotel & Leisure Club in Pitlochry, Perthshire off a guide price of £2.5m to the Castle Collection earlier this year and the GoGlasgow Urban hotel to Singapore-based Buxani Group last year.
Julian Troup, head of UK Hotels agency at Colliers International, said: "These three magnificent hotels form a rare opportunity to acquire an outstanding small but diversified portfolio, and would make a fantastic Scottish base to establish a strong group of hotels. Whilst all are already well-regarded hotels with a healthy trading base, each offers clear scope for further revenue and profit growth, and each has a distinctive market within the various tourist hotspots of the North East.
"Our instructions are that while the three properties are available as a group and have been priced to reflect a collective discount, consideration may be given by our client to individual disposals based on the level of offer and deliverability being at an attractive level."
Colliers says that each offers clear scope for further revenue and profit growth and forecast group net turnover for the hotels in the year ending March 2020 is in excess of £4.1m.Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).