Today’s news in brief – 10/4/23
Peter Walker, with 25 years of experience in the industry, has been appointed as the general manager of Fonab Castle Hotel and Spa. With a background in managing various prestigious hotels in northeast Scotland, Walker aims to enhance Fonab Castle’s reputation as one of Scotland’s premier five-star hotels. His previous successful tenure at Maryculter House in Aberdeen demonstrates his capability in employee engagement, guest satisfaction, and revenue growth. Walker expressed his excitement about the unique offerings of Fonab Castle and his commitment to maintaining exceptional service standards.
The four-star Douglas Hotel, situated on the Scottish Isle of Arran, has been listed for sale at a price of £2.9m. Renowned for its exceptional refurbishment and scenic location overlooking Brodick Bay, the hotel offers 21 bedrooms, a restaurant, a bar, and an outdoor terrace. The sale includes The Bunkhouse staff accommodation, which is essential for retaining hospitality staff on the Scottish Islands. Additionally, The Shorehouse, featuring 13 self-catering apartments, is available for separate purchase. With an annual turnover of £2.3m, the hotel attracts a significant number of visitors and has received high ratings from guests.
Cringletie Estate, located near Peebles in the Scottish Borders, is on the market for £2.9m for the freehold interest. The four-star country house hotel, set within a 28-acre estate renowned for country pursuits, boasts 14 ensuite bedrooms and a two AA Rosette restaurant. The current owners, Bill Cross and his wife, have transformed Cringletie into a top-class luxury hotel over the past five years and are now seeking retirement. With a rich history dating back to the 1600s, the estate presents various development opportunities for the new owner.
European hotel investment in 2024 is projected to exceed the previous year’s volumes significantly, with over €1bn (£860m) of UK hotel assets already transacted. The UK recorded €2.62bn (£2.24bn) in hotel transactions in 2023, slightly surpassing Spain. Investor sentiment is positive, with plans to deploy approximately €10bn (£8.55bn) over the next three years, particularly targeting serviced apartments, lifestyle hotels, and mid-market hotels. The recovery in investment activity, supported by reduced borrowing costs and improved investor sentiment, indicates a promising outlook for the hospitality sector in Europe.
