Property advisers are confident that they can find a buyer who will pay almost £1 million for a landmark four-star hotel in Elgin.
DM Hall has been appointed by Wylie & Bisset to sell the Mansion House Hotel following the financial failure of its former owners.
Trading was suspended by Wylie & Bisset earlier this month whilst the financial position of the business was being investigated. A temporary management team was recruited by Santander Bank – a secured creditor – to allow it to re-open while attempts to find a new buyer continue.
For the time being, the 22-bedroom hotel is trading on a reduced service basis, offering guests only bed and breakfast accommodation. There is currently no bar, restaurant or leisure centre facilities available.
DM Hall’s Suzanne Lawrie, who is overseeing the sale, said: “There is a significant degree of interest in this property, not least because it has iconic status in the local area as an upmarket destination venue and certainly has the potential to operate again as a highly successful hotel.
“The annual turnover of the Mansion House Hotel in recent years was is in excess of £1m and we are seeking offers around £975,000 which includes the trade inventory as well as a three-bedroom gate lodge in the grounds.
“From a commercial point of view, it is important that the hotel can be brought back to vibrant life before the summer season gets into full swing. I am highly optimistic that a suitable buyer can be found.”
The hotel is located on the banks of the River Lossie, a few minutes’ walk from the town centre. A former 19th century baronial mansion, it has its own pool with jacuzzi, sauna, steam room and gym.