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Agents have been appointed to market a historic 24-room Scottish boutique hotel in Inveraray for offers over £2.85m after the site fell into administration last month.
Begbies Traynor were appointed as joint administrators of Inveraray Inn Ltd, which traded as the George Hotel, on 28 March, with the business continuing to trade as usual.
A search is now underway for a buyer for the waterside George Hotel, bar and restaurant business, which stands on a one-acre site on the western shore of Loch Fyne. There are also five residential properties for sale as part of the administration, situated adjacent to the hotel and on Inveraray’s main street, with a total asking price of around £750,000.
The boutique hotel, which employs 60 full and part-time staff, has won many accolades for its accommodation, bar and food. Its restaurant currently holds an AA rosette.
Colliers director Robert Smithson, who is handling the sale, said: “This is an outstanding hotel asset in a beautiful visitor destination. Despite the administration, the George has a strong trading history and continues to operate well. The hotel hasn’t changed hands in over 165 years of family ownership and is one of the region’s longest-established independent hotel venues, as well as being very popular with local residents.
“It does present opportunities for growth, however at the moment it’s an ideal turnkey asset of the sort that rarely comes to the market and we expect a lot of interest from investors.”
Thomas McKay, who is overseeing the business while it remains trading and is managing the sale process with the administrators, added: “The hotel is being put on the market imminently and we will work with our agents Colliers to secure a buyer but we have already had interest in the business. The hotel remains open as normal and we continue to honour all future bookings to protect the business as a going concern.
“We want to thank the public and local community for their fantastic support and response and for continuing to enjoy the amazing food, drink and accommodation on offer at the George Hotel, and also the staff for their ongoing hard work during the process of administration.”
