The Craiglynne hotel, in Grantown, has been bought by the Bespoke Hotels group, after going on the market for £2 million.
The 83-bedroom property was one of three put up for sale recently by West Highland businessman Paddy Crerar’s Crerar Hotel Group (CHG).
Yesterday, Mr Crerar said the deal agreed with the Warrington-based company was “too generous to ignore”.
With a total portfolio asking price of £6.85m, the Craiglynne went on the market in March, along with the Eight Acres Hotel in Elgin and The Ben Wyvis Hotel, in Strathpeffer, Ross-shire, which was sold to the Strathmore Hotel Group last month.
Mr Crerar said his group wanted to raise cash to invest in its “very best” properties.
CHG also owns the Deeside Inn at Ballater, Glencoe Inn and Gathering in Glencoe, Golf View Hotel and Spa in Nairn, Isle of Mull Hotel and Spa in Craignure, Loch Fyne Hotel and Spa in Inveraray, Oban Bay Hotel and Spa and Thainstone House, near Inverurie.
Oban-born Mr Crerar said: “We are very pleased with this sale. The Craiglynne has been an excellent asset for us, however, the agreed deal was simply too generous for us to ignore. Indeed, it confirms that the appetite for quality Scottish assets continues to grow, which is a clear backing for the already rock-solid Scottish tourism sector.”
He continued: “The sale of the Craiglynne Hotel is another key milestone in our right-sizing strategy – the capital released by the sale will be fully reinvested in our core properties taking us even closer to achieving our aim of being Scotland’s highest quality family of hotels and inns.”
Estate agents Colliers International, which brokered the deal, said Bespoke Hotels had acquired the Craiglynne on behalf of investors.
Founded in 2000 by Haydn Fentum and Robin Sheppard, Bespoke describes itself as the “UK’s largest independent hotel group”.
The company represents more that 200 properties worldwide. Its portfolio of 14 hotels in Scotland includes the Dornoch Hotel, Tulloch Castle Hotel in Dingwall, The Craigellachie Hotel in Speyside, The Dunollie Hotel and the Kings Arms Hotel on the Isle of Skye, and the Kintore Arms Hotel in Inverurie.
Mr Fentum said: “We are delighted with the purchase of the Craiglynne Hotel, which underlines our commitment and confidence in the Scottish tourism and hotel market. We look forward to a long and happy association with the hotel, town and region.”
Julian Troup, head of UK hotels agency at Colliers International, added: “This is further evidence of the increasing demand for larger Scottish hotels and follows our sale last month of the Ben Wyvis Hotel, Strathpeffer, again acting for Crerar Hotels.
“The marketing of the Craiglynne Hotel was conducted in a confidential fashion and attracted a healthy level of interest and is a further example of domestic and overseas buyers looking to secure a hotel in a prime Scottish location.”
