S Hotels and Resorts plc, owner of Jupiter Hotels, has acquired the 46-year leasehold of the Mercure Perth Hotel, Scotland, off a guide price of £2.25m.
The 76-bedroom hotel is located in a 15th century converted watermill and features a restaurant, bar, conference facilities and a car park with capacity for 50 vehicles.
Dirk De Cuyper, chief executive of Thai-based S Hotels and Resorts plc said: "The Mercure Perth is a key location and an important part of our portfolio in the UK, we are delighted to have recently acquired the headlease. We will now be embarking on a refurbishment programme that will include the 76 guest bedrooms and the public areas of the hotel."
The sale was conducted on behalf of a private client by Savills.
Steven Fyfe, associate director in the hotel capital markets team at Savills Glasgow, said: "Having operated from the location for 23 years we are delighted to complete the sale of the long leasehold to Jupiter Hotels. Perth is an established tourist destination which has benefited from the rise of staycations within the UK, making this an extremely attractive acquisition."