Colliers International has sold Drymen’s Best Western Buchanan Arms Hotel & Spa, in the heart of the Loch Lomond and Trossachs National Park, to Glasgow-headquartered Nordfield Properties Limited on behalf of Wayne Gardner-Young – the sale will now allow him to concentrate on his leisure park developments.
The company has already committed £100,000 of capital expenditure, as it sets out to raise the hotel’s quality to four stars, as part of the strategy to develop a wellness centre, and secure its position as a premier wedding venue.
The purchase price has not been disclosed but selling agent Colliers International confirmed that it was close to the asking price of offers around £3,000,000.
Alistair Letham, a director with Colliers International, commented: “The Best Western Buchanan Arms Hotel & Spa is one of those well-known landmark destination hotels, popular across the Central Belt. The new owners will be able to capitalise on the hotel’s already significant popularity and any development, whether through marketing or expansion, will be widely welcomed.”
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research.