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The Best Western Queens Hotel in Dundee has been sold to Thai-based Compass Hospitality Group for £2.75m, in a deal managed by business property adviser Christie & Co.
The hotel group will take over management of the 53-bedroom hotel as part of the joint purchase between Compass Hospitality and Seacare Hospitality.
Previously owned by independent hotelier Gordon Sneddon, the venue catered for around 200 weddings and other functions each year. Set over six floors, the building features a bar and eatery, breakfast rooms and a range of function suites.
Stuart Drysdale, associate director at Christie & Co, said: “We received numerous points of interest within a short time of taking the hotel to the open market, with an acceptable offer being tabled early on in the marketing process.”
He added: “The hotel market in Scotland is currently very buoyant, with investors benefiting from the current exchange rate and increased levels of return; regional hotel data throughout Scotland shows positive trends and outlook.
“The successful purchasers are very active at the moment and looking at numerous sites across the UK, and we wish them every success with their new venture.”
