The Glenburn Hotel, which fell into administration last August, has been sold to the UK’s largest independent hotel group, Bespoke Hotels.
The sale, for an undisclosed sum, adds to Bespoke’s portfolio of 90 hotels in the UK, including 23 in Scotland.
Administrators FRP Advisory marketed the property for offers over £1.1m after it failed to meet operating costs as a result of falling revenue during the pandemic.
Originally built in 1843 and sited on a prominent hilltop location overlooking Rothesay, Scotland’s first ‘hydropathic’ hotel opened in 1892.
It was refurbished in 2016 and features 134 guest rooms, a ballroom, restaurants, bars, terrace, conference facilities and terraced gardens.
Haydn Fentum, chair at Bespoke Hotels, said: “We are delighted to have agreed a deal with FRP to acquire the Glenburn Hotel and look forward to integrating it into our expanding portfolio.
“We hope to reopen the hotel very soon and have exciting plans to invest in the business and create new jobs and will be announcing our recruitment plans in due course”.
Joint administrator Stuart Robb, partner with FRP Advisory, said: “We are very pleased to have sold The Glenburn Hotel, which is one of Scotland’s most prominent hotels with a long history stretching back to its opening as a grand seaside hotel in 1892.
“We wish Bespoke Hotels every success with The Glenburn Hotel and look forward to seeing the Hotel reopen.”
CDLH acted for the administrators as selling agents for the hotel.
Alan Creevy, director of CDLH, commented. “As expected, there was a great deal of interest in the property resulting a competitive bidding process.
“Bespoke Hotels were a pleasure to deal with throughout the sale process and we wish them the very best of success with this delightful property.”
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