Perth hotel in historic watermill building changes hands in £2m-plus deal

A Perth hotel set in a converted 15th century watermill has changed hands in a seven-figure deal.

Property adviser Savills said it had completed the sale of the long leasehold of the Mercure Perth Hotel to S Hotels and Resorts, owner of Jupiter Hotels, off a guide price of £2.25 million. It was acting on behalf of a private client.

The Mercure comprises 76 en-suite bedrooms, restaurant, bar and conferencing facilities and is located in the historic quarter of the city centre.

Dirk De Cuyper, chief executive of S Hotels and Resorts, the Thai-based hotelier which owns Jupiter Hotels, said: “The Mercure Perth is in a key location and an important part of our portfolio in the UK. We will now be embarking on a refurbishment programme that will include the 76 guest bedrooms and the public areas of the hotel.”

The Mercure comprises 76 en-suite bedrooms, restaurant, bar and conferencing facilities and is located in the historic quarter of Perth city centre.

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.”

Property agents noted that Perth was an established tourist destination, providing “one of Scotland’s strongest event portfolios with award-winning eateries alongside independent and flagship retailers”. Nearby attractions include Perth Concert Hall, located within a 300-metre walk from the hotel; Scone Palace, the coronation site of Scottish kings; the botanical gardens of Branklyn Gardens, and Perth’s popular racecourse.