West Highland businessman Paddy Crerar has sold his seven-strong portfolio of north and north-east hotels for an undisclosed sum.
Crerar Hotel Group is now owned by funds advised by London-based Blantyre Capital, together with operating partner Fairtree Hotel Investments.
The four and five-star sites making up the Crerar group include Oban Bay Hotel, The Glencoe Inn, Golf View Hotel & Spa, in Nairn, Loch Fyne Hotel & Spa, in Inveraray, Thainstone House, near Inverurie, Balmoral Arms, in Ballater, and Isle of Mull Hotel & Spa.
It’s been an absolute joy seeing our ambitions flourish. The current year we believe will be our best yet, with double-digit growth forecasted in every month ahead.”
Paddy Crerar, West Highland emtrepeneur
Mr Crerar, who hails from Oban, launched his Edinburgh-based portfolio in 2005.
Mr Crerar, who was the hotel group’s chairman, and former co-director Nigel Dearnley have retained a formal link with the new board.
According to a statement announcing the sale, the pair “remain staunch supporters of the business”.
“They look forward to following the progress of a company that is destined to blossom,” the statement added.
Mr Crerar, 54, said: “We set out to deliver the type of hotels and service that properly reflects Scotland – a world-class destination that is consistently a podium finisher in the global tourism marketplace.
“It’s been an absolute joy seeing our ambitions flourish and be rewarded by guest demand and loyalty.
“The current year we believe will be our best yet, with double-digit growth forecasted in every month ahead.”
He added: “After getting to know the new potential owners it was soon clear they shared identical aims and ambitions to those we have worked hard to foster at Crerar Hotels.
“Their view of the potential for high quality hospitality in Scotland pitched to the global stage is unquestionable.
“Their access to greater resources makes delivering on the potential of Crerar Hotels achievable.”
Chris Wayne-Wills remains in post as Crerar Hotels chief executive, supported by his existing management team.
Mr Wayne-Wills said: “We are looking ahead to a record year of performance, with our hotels now at the highest level of facility and service.
“Knowing the ambition of the new owners, our teams are ready and will relish the opportunity to make this next step change an unbridled success.”
Career opportunities
The change in ownership delivers new career opportunities for staff, Crerar’s CEO said.
He added: “The road ahead was and remains just as clear.
“New ownership accelerates us to the opportunities much earlier than we might have hoped previously.”
This acquisition marks Blantyre and Fairtree’s fourth hospitality acquisition in the UK
since 2021.
New owners have big plans
They also own Fonab Castle and Dunkeld House Hotel in Perthshire, and the Daffodil Hotel and Spa in Cumbria.
The Crerar businesses are a key part of plans for a “significant” luxury UK hotel portfolio.
Fairtree portfolio manager Joe Bester described them as “beautiful hotels in iconic locations.”
Mr Bester added: “The pride the group has in offering an exceptional guest experience is an excellent fit with the existing portfolio properties.
“We are looking forward to building on the huge opportunity this acquisition offers us to expand and enhance the portfolio within the national and international marketplace.”
Blantyre Investment executive Johann Scheid said: “The addition of these seven high quality assets to our platform allows us to expand on our offering in providing unique and memorable experiences to our international customer base.”
Conversation