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Lake Merritt Group acquires Eight Acres Hotel from Crerar Hotels
14/02/2020
The deal completed by Lake Merritt Group follows its purchase of the 78 room Windermere Hydro Hotel last year.
Eight Acres Hotel has been acquired by Thailand-based Lake Merritt Group, from Crerar Hotel Group off a guide price of £3.5m.
The 52-bedroom hotel also features a large bar, Darroch restaurant and an extensive range of meeting and conference rooms. The property also includes a leisure complex including a swimming pool and spa bath and gymnasium.
The deal completed by Lake Merritt Group follows its purchase of the 78 letting bedroom Windermere Hydro Hotel last year which added to its existing Scottish hotel – Braid Hills in Edinburgh.
Prab Thakral, an adviser to Lake Merritt Group, said: “The Eight Acres Hotel is an exciting addition to our fast growing portfolio in UK and it was our pleasure to be working with Colliers International’s UK Hotel Agency team and Crerar Hotel Group in completing this magnificent hotel deal.
“The Eight Acres Hotel is Lake Merritt Group’s second hotel in Scotland and fourth in UK and we are aggressively and diligently expanding our hotel portfolio, as we have a long term positive view in UK’s hospitality industry as a whole.”
Paddy Crerar CBE, chief executive of Crerar Hotel Group, added: “We are very pleased with this sale, which is another key milestone in our right-sizing strategy and takes us even closer to achieving our aim of being Scotland’s highest quality family of hotels and Inns.
“The Eight Acres has been an excellent asset for us. However, the agreed deal was simply too generous for us to ignore, particularly as the good chemistry with such experienced buyers made it a painless journey.”
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