UK: Dunkeld House, a recently refurbished Scottish country hotel, has been purchased by a UK investor and hotel operator.
Dunkeld House is a four-star, full service Scottish country hotel located in Highland Perthshire. The sale marks the end of a six-year holding period by Downing LLP, which acquired the property in 2016. Over the years, the hotel underwent a refurbishment and repositioning.
Further capital will be invested into the property by the new owners to expand facilities and meet demand for Scottish upmarket leisure offerings.
Downing’s head of development capital, Mark Gross, said: “We have really enjoyed working with the Dunkeld team over the last six years. We believe that together we have developed a compelling hotel proposition in a unique location offering exceptional value for money to its customers.
“As a result of our investment and the high level of collaboration with the management team, the hotel is performing well despite the economic pressures of Covid-19. This partnership demonstrates Downing’s strategic qualities at its best – by being flexible, nimble and working in partnership with an experienced management team with an exceptional track record.”
Arnold Schnegg, CEO of Dunkeld House, said: “We’d like to thank Mark and the rest of the Downing team for supporting us and seeing the underlying opportunity at Dunkeld House. Now that the hotel is positioned as a high-quality leisure destination through strategic assistance and considered investment from Downing, Dunkeld House can look forward to a prosperous future under new ownership. We believe that this transaction represents a successful outcome for all parties and wish the new owners well.”
Jeremy Jones, head of hotels brokerage at Christie & Co, added: “The sale of Dunkeld House represents one of the largest transactions in rural Scotland this year. Already highly profitable, there are a number of further asset management opportunities which the buyers are keen to undertake. Customer demand for hotels with such magnificent settings will never disappear and are likely to continue to grow in the years ahead. Many congratulations to all parties.”
Downing LLP is a privately-owned investment manager based in London. The group has over £1.5 billion worth of assets under management.
