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Jupiter Hotels, owned by S Hotels and Resorts plc, has acquired a long leasehold of Mercure Perth Hotel in Perth, Scotland off a guide price of £2.25m.
The Mercure Perth Hotel is a 15th Century converted watermill comprising 76 en-suite bedrooms, restaurant, bar and conferencing facilities with views of the City Lade. It has car parking provisions for 50 cars and the total site area is 1.01 acres.
The hotel benefits from a prominent location on the north west quarter of Perth city centre and is also within close proximity to Perth railway station, which provides direct services to Glasgow, Edinburgh and Aberdeen.
The sale was aided by Savills and the property has an unexpired long leasehold term of 46 years.
Dirk De Cuyper, CEO of S Hotels and Resorts plc, said: “The Mercure Perth is a key location and an important part of our portfolio in the UK, we are delighted to have recently acquired the headlease. We will now be embarking on a refurbishment programme that will include the 76 guest bedrooms and the public areas of the hotel.”
Steven Fyfe, associate director in the hotel capital markets team at Savills Glasgow, added: “Having operated from the location for 23 years we are delighted to complete the sale of the long leasehold to Jupiter Hotels. Perth is an established tourist destination which has benefited from the rise of staycations within the UK, making this an extremely attractive acquisition.”
