UK: Business property adviser Christie & Co has sold two hotels – the Jubilee Hotel in London and the Pine Trees Hotel in Pitlochry – to two separate owners.
Located on Eccleston Square, the boutique Jubilee Hotel occupies a six-floor townhouse and offers 26 rooms, a reception and breakfast room.
In a joint acquisition, the hotel has been purchased by serviced apartment operators which own several assets in London and Turkey. A “significant” refurbishment for the hotel is planned.
The former owners of the Jubilee Hotel said: “We have enjoyed running this business and seen many changes over the years. Now it is time for someone with fresh ideas to come in and move the business forward. Andrew Evangelou at Christie & Co was invaluable to us with his expertise and advice helping us achieve objectives.”
Andrew Evangelou, director at Christie & Co, added: “The Jubilee Hotel is a stunning period building overlooking the tranquil Ecclestone Square Gardens, which were developed by Thomas Cubitt in the 1830’s. The business sold way in excess of its asking price due to its ideal location in London and we were able to create a competitive bidding process from the level of interest. We had 16 offers ranging from experienced hotel operators to new buyers looking to enter the sector.”
Over in Scotland, the Pine Trees Hotel is housed in a Victorian mansion and offers 29 rooms, a bar and a restaurant. It has been acquired by the four-stay luxury hotel group Apex Hotels, which operate eight properties across London, Bath, Edinburgh, Dundee and Glasgow.
Apex Hotels‘ chief executive, Angela Vickers said: “The acquisition of Pine Trees Hotel illustrates our commitment to delivering sustainable growth in the UK market and we are delighted to add The Pine Trees Hotel to the Apex family. This move was the perfect fit in seeking to diversify the Apex Hotels brand in more rural locations to provide our guests with greater choice alongside existing city centre locations.”
Brian Sheldon, regional director of hospitality for Scotland at Christie & Co, said: “The sale of The Pine Trees Hotel epitomises the demand for quality and established country house hotels in good locations throughout Scotland. The hotel has been meticulously looked after by the family, although being run under management, with no expense being spared in decoration and refurbishment over the years.”
