16 hours ago
New owner for Dumfries hotel as Holiday Inn sold in multi-million pound deal
The Holiday Inn at the Crichton previously known as The Aston - has been sold to Estee Group.
A Dumfries hotel has been taken over.
The Holiday Inn at the Crichton has been sold to Estee Group, which owns a number of hotels across the UK.
The hotel had previously been run as The Aston Hotel until 2014 when it became a Holiday Inn.
The Crichton hotel, along with hotels in Darlington and Sheffield, were marketed by Savills on behalf of FS JV License Ltd as the Project License portfolio with a guide price of £14 million.
Director in the hotel capital markets team at Savills Scotland said: 'Project License provided an excellent opportunity to purchase three well-located hotels with strong brand identity and considerable future asset management potential.
'We are very pleased to have completed the deal, achieving a strong price on behalf of our client.'
Director of the hotel capital markets team at Savills Manchester, Tom Cunningham, added: "The sale of the portfolio enabled the purchaser to significantly enhance its representation within the hotel sector, whilst also spreading risk across different geographies.
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"This latest success is another indicator of the popularity of the sector with investors looking to generate decent returns despite ongoing market volatility.'
