Thu, 04 May 2017 | COMMERCIAL PROPERTY
Singapore hotel group MGM Muthu Hotels has gained a foothold in the Scottish hotel market with the purchase of five hotels.
MGM is the new owner of Ian Cleaver’s Highland Heritage four-hotel portfolio and fleet of 16 shuttle coaches, bought for £4.5 million via hotel firm Colliers International.
The fifth hotel, a 63-bedroom site in Nairn, was purchased from a separate London-based owner. The Nairn hotel was frequented by Charlie Chaplin, who holidayed there with his family. It had been on the market since November 2015, with the sellers taking £500,000 off the asking price in a bid to tempt buyers.
Mr Cleaver, who is retiring, also owns the 15th century Kilchurn Castle, which was available separately but has not been sold. It is being run by Historic Scotland at present.
The set of four hotels includes the 96-room Royal hotel and 132-room Ben Doran hotel, both of which are in Tyndrum, the 99-bedroom Dalmally hotel in Strathorchy and the 66-bedroom Alexandra hotel in Oban.
Julian Troup of Colliers International, told The Caterer: “We are seeing an emerging trend of increased demand for quality provincial hotel opportunities from a diverse buyer set, including international investors, who have been attracted by weaker sterling and improving trading prospects.”
MHM now has 27 hotels in its wide-reaching portfolio, which includes England, Portugal, France, India, Singapore and Cuba. It also owns restaurants and theme parks.
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