Change of owners for Elgin's Eight Acres Hotel
EIGHT Acres Hotel in Elgin has been sold after receiving a "healthy level of interest".
The 52-bedroom hotel has been acquired by Thailand-based Lake Merritt Group, from Crerar Hotel Group, and becomes their second Scottish hotel.
With a guide price in the region of £3,500,000, the sale was brokered by the specialist hotels and agency team at real estate advisers Colliers International.
Paddy Crerar CBE, chief executive of Crerar Hotel Group, said the hotel has been an "excellent asset" but the offer from the Lake Merritt Group was too good to ignore.
He said: "We are very pleased with this sale, which is another key milestone in our right-sizing strategy.
"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. It once again confirms the appetite for quality Scottish assets continues to grow, which is a clear backing for the already rock-solid Scottish tourism sector."
Prab Thakral, an adviser to Lake Merritt Group said: "The Eight Acres Hotel is an exciting addition to our fast growing portfolio in UK.
"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."
Julian Troup, Head of UK Hotels Agency at Colliers International, added: "The marketing of Eight Acres attracted a healthy level of interest. It is a further example of domestic and overseas buyers looking to secure a hotel in a popular Scottish location."