Glenburn Hotel sale shows Asian investors moving away from core markets
Specialist business property adviser Christie & Co has brokered a deal to sell the Bay Glenburn Hotel on the Isle of Bute to an unnamed Malaysian investor.
Originally built in 1842 and rebuilt fifty years later, the121-bed hotel is located in Rothesay, a popular area for walkers, cyclists and anglers, and features a 200-cover restaurant as well as a ballroom/function room and a lounge which seats 100 people.
Currently trading as a Bay hotel, the business was marketed on both a branded or unbranded basis, and current operator Shearings Holidays has agreed to remain associated with the hotel in an ongoing sales and marketing capacity for the next three years, allowing a comfortable transition to the new owners.
Ken Sims, Director at Christie & Co, who brokered the deal on behalf of the vendor, commented: “The purchase of the Bay Glenburn Hotel is the first foray into the UK market for this investor.
“We have seen an increase in Asian investors entering the UK market in recent times, but now it looks like investors are moving away from the highly-sought after London market, beyond prime locations such as Stratford and Cambridge, and are looking to invest in areas further afield.”
BTO LLP acted for the vendor and Brodies LLP acted for the purchaser.