Singapore group buys five Scots hotels
- Published
Film star Charlie Chaplin frequently stayed at the Newton Hotel in Nairn
An international hotel operator has moved into the Scottish market, acquiring five prominent hotels in two separate multi-million pound deals.
Singapore-headquartered MGM Muthu Hotels bought four establishments in Tyndrum, Oban and Dalmally from Highland Heritage Ltd.
The portfolio had an asking price of more than £4.5m.
In a separate deal, MGM Muthu bought the 63-bedroom Newton Hotel in Nairn.
The venue, which was once popular with film star Charlie Chaplin, carried an asking price of about £4m plus VAT.
Both deals were facilitated by property firm Colliers International.
The Royal Hotel in Tyndrum was among five hotels bought by MGM Muthu Group
The Highland Heritage deal included the 96-room Royal Hotel and 132-room Ben Doran Hotel, both in Tyndrum, as well as the Dalmally Hotel in Strathorchy and the Alexandra Hotel in Oban.
A fleet of 16 coaches to shuttle tourists to the venues was included in the deal.
The MGM Muthu hotel group, which has its roots in India, owns nearly 30 hotels in Spain, Portugal, France, Cuba, Canary Islands, Madeira and the UK.
Alistair Letham, from Colliers International, said: "These two sales to a rapidly expanding international operator are a great outcome for everyone involved.
"Muthu is an ambitious luxury chain which will be well positioned to further develop the potential of these excellent properties in a way that will be welcomed by the local economy."
- Published8 October 2015
