Business

Rothesay’s Glenburn Hotel put on the market for £1.1m



The administrator of the Glenburn Hotel on the Isle of Bute has marketed the property for offers over £1.1m.

It fell into administration last month after struggling to meet operating costs after dramatic falls in revenue due to the pandemic.

Originally built in 1843 on a hilltop location overlooking Rothesay, Scotland’s first ‘hydropathic’ hotel opened in 1892.

It was extensively refurbished in 2016 and features 121 guest rooms, a ballroom, restaurants, bars, conference facilities and terraced gardens. There are also three cottages located within the grounds of the hotel.

The hotel had traded briefly since the start of the first lockdown in early 2020, but has been closed since November 2020 with staff initially being placed on furlough.

Stuart Robb, partner with FRP Advisory and joint administrator of hotel, said that there has already been strong interest, with enquiries being received from across the UK and internationally.

“We have been very encouraged with the level of interest already received for the Glenburn Hotel with enquiries from a wide range of interested parties,” he commented.

“The sale presents an excellent opportunity to acquire a prominent historic building in the heart of Rothesay with extensive potential to reopen as a hotel in due course, or for redevelopment.

“We have now appointed CDLH to manage the marketing and sales process with the price set at offers over £1.1m and would encourage anyone interested in the business to register their interest with the agents as soon as possible via Alan Creevy.”

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.

See also  Here's what happened at Morgan Stanley's inaugural space investing summit



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.