A successful Kirkcaldy hotel has been sold after more than 30 years of family ownership.
The Victoria Hotel, once the home of celebrated furniture manufacturer AH McIntosh, went on the market with an asking price of around £1.1 million almost a year ago.
It was bought last week by Dunfermline-based City Hotels, which already has a strong regional portfolio.
The purchase price has not been disclosed, but estate services company Colliers International which helped broker the deal said it was close to a new asking price of offers in the region of £850,000.
City Hotels already own a number of hotels in Fife, as well as the Styx Club next door to the Victoria in Victoria Road.
The Victoria Hotel had been owned by the Caira family of Kirkcaldy for more than three decades.
It was sold as a going concern following a change in family circumstances.
The 21-bedroom hotel, a popular venue for weddings, was converted from a private house in 1948 having undergone a number of extensions over the years.
It still retains its McIntosh suite, which has its own bar area and servery.
Alistair Letham, a director in the UK hotels agency team at Colliers International, said: “The Victoria Hotel is a fine and imposing property – originally created from the family home of AH McIntosh, the Kirkcaldy-based furniture manufacturer – and has proved a popular local hotel venue.
“It was purchased by the sellers in 2008 from a family member so the hotel has effectively been in the same family’s hands for over 30 years.
“However, a change in family circumstances and the need to concentrate on other business interests necessitated the sale.
“It’s purchase by City Hotels means it will be an excellent complement to a strong portfolio.”
Another Kirkcaldy Hotel, the Strathearn, is due to be auctioned next month with a guide price of £425,000.
It closed abruptly in May last year leaving a number of people, including brides-to-be, in the lurch, and has remained closed ever since.
