Queens Hotel Dundee sold to Thai multiple operator
Specialist business property adviser, Christie & Co has sold the Best Western Queens Hotel in Dundee. Thai based Compass Hospitality Group has completed its newest hotel purchase in the UK after taking over the management of the 53-bedroom Best Western Queens hotel in Dundee. This is a joint purchase between Compass Hospitality and Seacare Hospitality.
Owned for the past twenty years by independent hotelier, Gordon Sneddon, the hotel is set over six floors and contains Q Bar; a bar and eatery on the ground floor, a separate breakfast room and a range of function suites. The venue currently caters for around 200 weddings and other functions each year.
Stuart Drysdale, Associate Director at Christie & Co comments, “The new owners are excited by the ongoing development in Dundee, including the forthcoming V&A museum on the waterfront. Hundreds of new hotel rooms are in the process of construction with many more in the pipeline for development. It is forecast the regeneration of the waterfront, including the museum, hotels, retail and hospitality businesses, will lead to an influx of visitors to Dundee in the coming years.
“We received numerous points of interest within a short time of taking the hotel to the open market, with an acceptable offer being tabled early on in the marketing process. The hotel market in Scotland is currently very buoyant, with investors benefiting from the current exchange rate and increased levels of return; regional hotel data throughout Scotland shows positive trends and outlook. The successful purchasers are very active at the moment and looking at numerous sites across the UK, and we wish them every success with their new venture.”
The hotel was sold off an asking price of £2.75m.