An Edinburgh-based hotel, bar and restaurant operator is to buy three Jarvis hotels in Scotland for an undisclosed eight-figure sum.
The off-market deal, which completes in July, will net the Festival Group the 60-bedroom Jarvis Ellersly House and the 56-bedroom Jarvis Learmouth hotels in Edinburgh, along with the 98-bedroom Jarvis Aberdeen.
Managing director Kenny Waugh said it was the biggest single deal made since he set up the Festival Group in 1997 after selling his Thistle Inns chain to Scottish & Newcastle.
The acquisition is part of a drive to build up a 50-strong chain of hotels offering rooms for £40 to £50 a night.
The group currently runs nine hotels, 10 bars, four clubs and two restaurants, primarily in Edinburgh.
Finance director Richard Spanner said Festival would look at suitable properties anywhere in the UK, not just in Scotland.
by Angela Frewin
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