Smar Hotels & Leisure has purchased Balgeddie House Hotel in Fife from Solley Hotels in an off-market deal for an undisclosed price.
The 33-bedroom hotel, which has a spa, indoor swimming pool and two function suites, is located on the outskirts of Glenrothes and last changed hands in 2003. It has been recently trading under the Best Western brand.
Sam Surani, from Smar Hotels & Leisure, 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, which handled the sale, said: “We’re pleased to have managed the confidential sale of another outstanding Scottish hotel asset. 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. It is an excellent purchase for Smar Hotels & Leisure in their first venture into Scotland.
“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.”
Kenny Gray, partner in the commercial property team at law firm Lindsays, which advised Solley Hotels, said: “Solley Hotels have a great business and we are very pleased to be working alongside them. The sale of Balgeddie House – and the interest in it – highlights very real demand from private and corporate investors keen to extend their reach into Scotland’s independent hotel market.”
Thorntons Solicitors represented Smar Hotels and Leisure on the deal. Colliers is currently marketing the sale of Pitbauchlie House Hotel in Dunfermline for Solley Hotels.
