Investment company Blantyre Capital has put its Scottish hotel business Crerar Hotels up for sale, with a potential GBP90 million price tag.
The move will test the market appetite for well established regional hotel properties, and could interest a bidder who would like a portfolio of properties, or alternatively, bidders attracted to a single destination. The Crerar business currently operates ten hotels, of which nine are in Scotland while one is further south in the Lake District. The 589 room collection includes hotels in Ballachulish. Ballater, Dunkeld, Inveraray, Inverurie, Nairn, Oban, Pitlochry and Tobermory. Making up the grouping is the 78 room Daffodil Hotel & Spa, on the shores of Grasmere. Agent Savills has been tasked with finding the best route forward for the Crerar properties.
Investing in a Luxury Portfolio
It was in 2021 that Blantyre started assembling its hotel portfolio, partnering with co-investor Fairtree Hotel Investments. The pair bought the hotels in Dunkeld, Grasmere and Pitlochry, before acquiring the Crerar business two years later. Along the way, they have invested in selective refurbishments of some of the properties, ensuring they remain attractive to guests. Now, via agents Savills, the portfolio could potentially be broken up once more.
The Crerar business dates back to its founding in 1902 as North British Trust Hotels, only adopting its new name as recently as 2012. At that point, industry veteran Paddy Crerar took over a controlling interest in the business. In the early 2000s, the group reshaped its portfolio, with a series of disposals that enabled it to refocus on a smaller quantity of four and five star properties.
“Scotland’s luxury hotels continue to benefit from their appeal to high spending international visitors, particularly those from the US, Middle East and growing inbound markets from East Asia,” commented Steven Fyfe, director, hotel capital markets at Savills. “The Crerar hotels portfolio provides an incoming owner with a strong platform from which to capture further growth in Scotland’s luxury hospitality market.”
Savills notes that Scottish hotels have outperformed their English counterparts in recent years. Revpar is up 60% since 2019, hitting an average GBP100 across the country as a whole.
Investors Back Scottish Hotels
One indication of the health of the Scottish hotel market was the GBP100 million sale of the luxury Cameron House hotel during the first half of 2026. The 208 room property on the shores of Loch Lomond was put up for sale by KSL Capital Partners, and was carried off by winning bidder Victory Group. Victory subsequently appointed RBH Hospitality Management to operate the property on their behalf.
Another key transaction earlier in the year saw the Hub by Premier Inn in Edinburgh change hands. The hotel, with 145 compact rooms, sold for GBP23 million, representing a yield of 5.7% for the buyer. The hotel was sold by Oval Real Estate, with ownership transferring to a local investor, Lothian Pension Fund. The property came with the benefit of a long lease signed by Whitbread, providing an index-linked rental return.
