Crerar Hotels to invest £15m
28/03/2019
Crerar Hotels to invest £15m into developing high-end offering after sale of three sites
Scottish hotel group Crerar Hotels is planning to invest £15m into its existing portfolio once it sells off three sites that were placed on the market in March.
The company said that the investment will help position its six hotels at the ‘top end’ of the market as it bids to improve each one’s rating from three- to four-stars.
The project will be part funded by the sale of three of the group’s hotels – The Ben Wyvis, the Craiglynne and the Eight Acres – which were placed on the market in January for £6.85m, and also self-financed by trading profits.
Crerar Hotels also sold its 72-bedroom Scotland’s Hotel & Leisure Club in Pertshire in an off-market deal to Irish Castle Collection in January.
The group said that the investment will help to meet demand from affluent UK customers as well as visitors from emerging Asian markets
The other hotels in the group – Oban Bay, Loch Fyne, Golf View, Glencoe Inn and Isle of Mull Hotel – will benefit from a £10m boost, while £5m will be spend on the remaining properties.
Chief executive Paddy Crerar said: “No one can afford to ignore the net negative impact that loss of freedom of movement will place on business and communities, particularly those in rural locations.
“That’s another reason why investing in our business is so important – with an inevitable shortage of labour, skilled and unskilled, we have to be the employer of choice.
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