Fife’s Balgeddie House hotel near Glenrothes has been sold to an English firm, becoming their first venture north of the border.
Smar Hotels & Leisure Ltd will take on Balgeddie after purchasing the manor from Solley Hotels in an off-market deal.
The arrangement was brokered by investment and professional services managers Colliers, who also oversaw the sale of Solley Hotels’ Kings Manor business in Edinburgh recently.
Solley now own one commercial property, Pitbauchlie House Hotel in Dunfermline, which is also now for sale, with the family open to “expressions of interest”.
Balgeddie House Hotel sold
The C-listed Balgeddie House hotel was built in 1936 by Major Sir Robert Spencer Nairn as a birthday gift for a member of his family.
It is rumoured the old wooden floor in the hotel is repurposed from an old Royal Navy minesweeper.
A function suite with a 220-capacity, along with the views of the Lomond Hills from its four acres of grounds, has made the venue popular for weddings and events.
Balgeddie House last changed hands in 2003, and Smar boss Sam Surani said they were delighted to secure it as their first Scottish hotel.
“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.”
Hotel sales on the up
Sales of hotels have increased by 38% on last year, property agent Colliers said, following the completion of the Balgeddie House deal.
Julian Troup, head of hotels agency at Colliers, added: “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 Limited 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.”
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