CRERAR HOTELS BUYS CRAIGLYNNE HOTEL, ELGIN
Crerar Hotels has bought the Craiglynne Hotel in Morayshire from London & Edinburgh Inns. The purchase price was not disclosed but it is believed to be significantly lower than the price which Crerar received for the hotel two years ago as part of a deal selling 20 of the group's then existing portfolio.
The 80-bedroom Victorian period hotel will be owned by the North British Trust Group and operated by Crerar Management Ltd, the management arm of the group, as a Swallow Hotel.
'The Craiglynne Hotel is a very good three-star hotel in a superb location, and it currently sits very well within the Swallow estate,' says Paddy Crerar, Chief Executive, Crerar Hotels. 'We intend to invest initially £500k on a general refurbishment but will revisit the hotel's strategic position over the next 12 months which may well result in a full remodel should we consider it better to trade the Craiglynne as a Crerar hotel.'
The Craiglynne Hotel will come within the Swallow Hotels portfolio, increasing the number of Swallow Hotels to 27. The combined asset value either owned or under management by Crerar is valued at over £200m and, combined with Crerar Management Ltd,(which operates a further 26 hotels on behalf of investment companies) the group operates 35 hotels with over 2,730 rooms and approximately 2,100 staff.
The 80-bedroom Victorian period hotel will be owned by the North British Trust Group and operated by Crerar Management Ltd, the management arm of the group, as a Swallow Hotel.
'The Craiglynne Hotel is a very good three-star hotel in a superb location, and it currently sits very well within the Swallow estate,' says Paddy Crerar, Chief Executive, Crerar Hotels. 'We intend to invest initially £500k on a general refurbishment but will revisit the hotel's strategic position over the next 12 months which may well result in a full remodel should we consider it better to trade the Craiglynne as a Crerar hotel.'
The Craiglynne Hotel will come within the Swallow Hotels portfolio, increasing the number of Swallow Hotels to 27. The combined asset value either owned or under management by Crerar is valued at over £200m and, combined with Crerar Management Ltd,(which operates a further 26 hotels on behalf of investment companies) the group operates 35 hotels with over 2,730 rooms and approximately 2,100 staff.
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