Savills, on behalf of a private client, has completed the sale of the leasehold of Mercure Perth Hotel in Perth, Scotland, to Thai-based S Hotels and Resorts plc, which owns Jupiter Hotels, off a guide price of £2.25m. The property has a 46 year lease.
The Mercure Perth Hotel is a historic 15th century converted watermill comprising 76 en-suite bedrooms, restaurant, bar and conferencing facilities with views of the City Lade in the heart of the city. It has car parking provisions for 50 cars and the total site area is 1.01 acres.
The hotel benefits from a prominent location on the north west quarter of Perth city centre and is also within close proximity to Perth railway station, which provides direct services to Glasgow, Edinburgh and Aberdeen.
Dirk De Cuyper, CEO of S Hotels and Resorts plc, the Thai-based hotelier who owns UK group, Jupiter Hotels, commented, “The Mercure Perth is a key location and an important part of our portfolio in the UK, we are delighted to have recently acquired the headlease. We will now be embarking on a refurbishment programme that will include the 76 guest bedrooms and the public areas of the hotel.”
Steven Fyfe, associate director in the hotel capital markets team at Savills Glasgow, added, “Having operated from the location for 23 years we are delighted to complete the sale of the long leasehold to Jupiter Hotels. Perth is an established tourist destination which has benefited from the rise of staycations within the UK, making this an extremely attractive acquisition.”
Perth is an established tourist destination and provides one of Scotland’s strongest events portfolios with award-winning eateries alongside independent and flagship retailers including H&M, River Island and Primark. Nearby attractions include Perth Concert Hall located within a 300 metre walk from the Hotel, the Scone Palace, the coronation site of Scottish kings, the botanical gardens of Branklyn Gardens and Perth’s popular racecourse.