Crerar to invest £5m in repositioning portfolio
Following an "in-depth review of the prospects for Scottish hospitality and the Scottish visitor economy", Crerar Hotels has said it intends to invest £5m into repositioning its remaining portfolio.
The Scottish hotel group intends to bring its entire portfolio up to four-star standard to meet the "growing demand from affluent UK custom" and "the significant growth in high-value tourism from the emerging Asian markets".
Crerar Hotels is already in the final stages of completing a £10m investment into several of its hotels, including Oban Bay in Argyll; Loch Fyne in Inveraray, Argyll; Golf View in Nairn; Glencoe Inn in the Highlands; and its Isle of Mull Hotel in Craignure.
Golf View, Loch Fyne and Thainstone House in Inverurie, Aberdeenshire (pictured) have already been awarded four AA stars.
This investment has so far been self-financed by trading profits and asset disposals. The final phase will also be funded from trading and potentially from the sale of up to three more hotels. The group put its Ben Wyvis hotel in Strathpeffer and Craiglynne hotel in Grantown-on-Spey, both in the Highlands, and Eight Acres hotel in Elgin, Moray, on the market for £6.85m last week.
At the time the group said the decision of controlling shareholder and chief executive Paddy Crerar to "reduce his personal involvement in the business" had led to "a new target scale and consequent need for disposals".
Crerar said: "We recognise that the debacle of Brexit is a true and dangerous threat both to how others see our country, by association, and also who will or can join our workforce. At a time when Scotland has record employment no one can afford to ignore the net negative impact that loss of freedom of movement will place on business and communities, particularly those in rural locations.
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.
Crerar Hotel Group puts trio of hotels on the market for £6.85m >>
Castle Collection snaps up Perthshire hotel for £2.5m >>
Singaporean Buxani Group buys GoGlasgow Urban hotel >>
