One of Scotland's largest independent hotel groups has been sold.
Crerar Hotels, which was built up by industry veteran Paddy Crerar, has been sold to a joint venture between Blantyre Capital and operating partner Fairtree Hotel Investments.
Crerar’s portfolio will form a key part of the new owners’ plans to build a significant luxury UK hotel portfolio.
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The price was not disclosed but is almost certain to have run into tens of millions of pounds. Crerar has seven, four and five-star hotels.
Mr Crerar and his family, together with the charitable Crerar Trust, owned more than 98% of the group.
"It’s been an absolute joy seeing our ambitions flourish and be rewarded by guest demand and loyalty." said Mr Crerar.
Scottish golf’s hickory history a winner with tourists
The co-founder of what began as a “part-time gig” during lockdown has said he is considering giving up his day job following a surge of overseas interest in his fledgling business.
Edinburgh-based Stuart Fraser of Hickory Smoked Golf, which buys and restores clubs from pre-1935, said the company is in discussions with various tourist and venue operators following a shift in focus after last year’s Open Championship at St Andrews.
Scottish luxury hotel owners to invest £20m in basketball arena
The owners of the Crossbaskets Castle hotel in Blantyre have announced what has been hailed as the largest single investment in Scottish basketball history.
Steve Timoney, who founded Glasgow-based Smart Metering Systems, and wife Alison have unveiled plans to invest £20 million in a new arena for the Caledonia Gladiators.
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Famous city pub and restaurant put up for sale
A pub and restaurant premises at a “prime trading location” has been put up for sale.
The former Constitution Bar and Restaurant in Leith in Edinburgh is being marketed on a freehold basis by agents Cornerstone.
The agent said: "We are genuinely expecting high levels of interest on this given the lack of freehold stock on the market as well as the trading location."
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