Singapore firm MGM Muthu snaps up Scottish hotel sites
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The major part of the deal sees Highland Heritage sold, from the asking price of offers in excess of £4.5 million, to Singapore-headquartered MGM Muthu.
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Highland Heritage was founded in the mid-1970s by Ian Cleaver, a former merchant seaman who built it into an £8m turnover company, which uses a fleet of 16 liveried coaches to shuttle tourists to hotels in Tyndrum, Dalmally and Oban.
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Hide AdAlong with the Volvo coaches, the sale includes four hotels – the 96-room Royal Hotel and 132-room Ben Doran Hotel, both in Tyndrum, the Dalmally Hotel in the heart of Strathorchy, Argyll and Bute, and the 66-room Alexandra Hotel in Oban, which has 26 more rooms in the planning.
The deal, in which Colliers International acted for the seller, comes shortly after the property firm sold another Highland hotel to MGM Muthu – Nairn’s Newton Hotel, which was once popular with film star Charlie Chaplin.
Alistair Letham at Colliers said: “These sales to a rapidly expanding international operator are a great outcome for everyone involved.”