Management buy Barony Castle Hotel

Management at the Barony Castle Hotel in Peebles have bought the hotel, in a deal backed by NatWest. Immediate plans include investing £400K in the hotel to bring it up to four-star standard. Richard Spanner, MD of key shareholder Prestige Hotel Management, revealed that the hotel will now come under the Mercure hotel banner, which is owned by Accor. Previous owners The De Vere Group were looking for a price in excess of £1.95m for the 78-bedroom hotel, and the deal is believed to have been struck around the £2m mark.

Category: News
Tags: Barony Castle Hotel, Hotel, Mercure, Natwest, Peebles, Prestige Hotel Management, Richard Spanner, The De Vere Group