Bussiness
Balgeddie House Hotel sold to new Scottish market entrant
The Balgeddie House Hotel has been sold by Solley Hotels to Smar Hotels & Leisure.
The 33-bedroom hotel with spa, indoor swimming pool and two function suites was sold in an off-market deal through Colliers.
This is the firm’s latest deal for the family-owned hotel group, after disposing of the Kings Manor Hotel in Edinburgh last month.
The hotel on the outskirts of Glenrothes last changed hands in 2003. The addition of the Nairn function suite with a 220-capacity, along with the views of the Lomond Hills from its four acres of grounds, has made the property popular for weddings and events.
Trading under the Best Western brand, it is also popular with business guests, due to the number of corporations located nearby
The sale leaves Solley Hotels with its final hotel, the Pitbauchlie House Hotel in Dunfermline, which is also now available for expressions of interest through Colliers.
Sam Surani, who also owns the Manor Hotel in Exmouth, said: “This is a very exciting time for us stepping into the Scottish market.
“Balgeddie House Hotel is already a strong business, with lots of loyal customers using the venue’s facilities regularly.
“We’re looking forward to seeing how we can enhance the offering for our customers, creating a wonderful experience in the impressive Scottish location.”
Julian Troup, head of hotels agency at Colliers – who handled the sale – said: “The Balgeddie generated competing bids from buyers based in Scotland and further afield as it’s a very well-known hotel and hospitality business in the region.
“This is Colliers 29th UK hotel transaction this year, which is a 38% improvement on last year, highlighting that buyer confidence is returning on the back of improving economic indicators.”
Lindsays advised Solley Hotels on both the Balgeddie House and Kings Manor transactions.
Thorntons acted for Smar Hotels and Leisure in the legal process.
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