Fife’s Balgeddie House Hotel, on the outskirts of Glenrothes and which has been trading under the Best Western brand, has been sold by Solley Hotels to Smar Hotels & Leisure Ltd.
The 33-bedroom hotel with spa, indoor swimming pool and two function suites was sold in an off-market deal through the specialist Hotels team at Colliers. It is the firm’s latest deal for the family-owned hotel group after disposing of the Kings Manor Hotel, in Edinburgh last month.
Sam Surani, who also owns the Manor Hotel in Exmouth, 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 handled the sale. He 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 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.”
Edinburgh-headquartered legal firm Lindsays advised Solley Hotels on both the Balgeddie House and Kings Manor transactions.
Kenny Gray, Partner in the Commercial Property team at Lindsays, 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.”
The sale leaves Solley Hotels with their final hotel, the popular Pitbauchlie House Hotel in Dunfermline which is also now available for expressions of interest through Colliers.