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We are pleased to announce the sale of Dunkeld House Hotel to a consortium consisting of a UK based financial investor and hotel operator. This sale concludes a successful investment period for Downing, which began in 2016. We originally invested alongside management to acquire, refurbish, and reposition the hotel.
The initial refurbishment was completed in 2017 and additional sums have been invested over the course of the investment to further enhance the quality of the hotel.
We successfully completed the rebranding and first stage of the value enhancement over its six-year holding period, the new owners will now take on the asset to invest further capital for expansion of the facilities to realise the full potential of the estate to match growing demand for Scottish upmarket leisure offerings.
Dunkeld House is a full-service, 4* Scottish country house hotel located in beautiful natural surroundings of Highland Perthshire. As a result of the investment to improve the quality of the property and operations, the hotel has consistently traded ahead of expectations since the original acquisition. New management expects the trading trends to continue and to continue to improve profitability post expansion.
Downing’s Head of Development Capital, Mark Gross, commented: “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, commented: “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, commented: “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”.
Find out more about the Downing Development Capital team.