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Buxani Group, a privately-owned investment firm based in Singapore, has purchased The Craigmonie Hotel in Scotland’s northeast coast for an undisclosed amount, reported Boutique Hotelier.
Located in Inverness, the biggest city and the cultural heart of the Scottish Highlands, the 40-bedroom hotel comes with two restaurants, a lounge and meeting room.
The acquisition represents the company’s second property in the UK, and is part of the group’s plans to establish an investment portfolio in the country.
According to Stuart Drysdale, director for hotels at Christie & Co, who brokered the transaction, the hotel was divested through a confidential off-market manner.
“We were approached by the owners of The Craigmonie Hotel to undertake a discreet marketing process. A preferred purchaser was found very quickly via our strong base of registered and active buyers.
“The hotel has enjoyed healthy turnover levels and profits over the years and we are confident The Buxani Group will be able to build upon the historic trading levels as Inverness continues to enjoy increased visitor numbers,” he added.
The Craigmonie Hotel will be run by Compass Hospitality, which is also managing the GoGlasgow Urban Hotel, a 117-bedroom property that was acquired from Crerar Hotel Group by the Buxani Group in May for nearly £10 million.
Singapore-based Buxani Group was established by Kishore KJ Buxani in 2003.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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