Banchory’s Douglas Arms Hotel has been sold out of liquidation.
The well-known hotel has been bought by Munish Dheer, who also owns the Burnett Arms Hotel in the town.
The purchase price was not disclosed but property agent Graham + Sibbald (G+S) was looking for offers of around £395,000.
In January the hotel, which was owned by SJ Inns at the time, went on the market with a price tag of £550,000.
It closed its doors the same month, with four members of staff losing their jobs.
Michael Reid, of Aberdeen-based accountants Meston Reid and Co, was appointed to oversee a sale of the assets after the business entered voluntary liquidation.
A statement from Meston Reid and Co at the time said: “Following on from the problematic and difficult trading conditions for two years during the Covid pandemic, the significant increase in energy costs, pre-Christmas 2022 made the trading business unsustainable, which signalled the decision to place the business into a voluntary liquidation process.”
‘Great little local business’
The High Street hotel has eight bedrooms, a lounge bar/bistro and cafe.
It also has an outdoor balcony terrace with the former lounge bar/restaurant, suitable for additional development. In addition, there is a “spacious” four-bedroom private flat.
G+S said the Douglas Arms Hotel would be a “very useful addition” to the new owner’s “already well established business in Banchory”.
Alistair Letham, hotel & leisure consultant, G+S, added: “The closure of the business earlier in the year was a combination of unfortunate circumstances, including difficult trading in the Covid period, increased staffing costs and the rise of energy costs.
“After a period of full open marketing for sale the buyer was secured in a competitive bidding process.
“The Douglas Arms was a great little, local business that also serviced the many visitors to Royal Deeside.
“The property and business will be a great add-on for new owner Munish Dheer (trading as RBD Bars), admirably complimenting his existing business at the Burnett Arms.”
