Sales
Stirling’s Hotel Colessio sold for around £6m
by XPRESS,
25 July 2018
The new owner is Hotel Colessio (Holdings), a private investor company of which Peter Cashman holds a majority stake through Cashman Hospitality Consulting. Cashman is also chief executive of Focus Hotels Management, which operates 13 hotels, including three owned by Cashman’s private investment company.
Hotel Colessio is now expected to be expanded by 20 bedrooms, subject to planning permission being granted to the new owners.
The property has been sold by a company headed by Steven McLeod, who previously ran the Hotel Colessio in his capacity as the founder and chief executive of the Aurora Hotel Collection, which at one time had six hotels.
The last financial statement for the Aurora Hotel Collection, lodged at Companies House, reported a 5.3% fall in turnover to £4.9m to the year to 30 September 2016, alongside a pre-tax loss of £19,154.
John Flinn, a director of the company, said in the report that the year had been “a challenging one” for the company. He added that while Colessio was performing well, Solsgirth House by Dollar and Cairn Lodge and Hotel in Auchterarder had made “considerable losses” and since the date of the balance sheet had ceased trading.
Steven McLeod now remains a director of two of the original properties within the Aurora Hotel Collection: Airth Castle Hotel & Spa, Airth, and Glenbervie & the Coach House near Larbert.
Colessio was opened as a hotel by McLeod in 2014 at a cost of £10m – twice its original budget – following lengthy construction problems. Originally built as a bank in 1825, the building went on to become a hospital infirmary and then a library and offices before conversion to a hotel.
Cashman described Hotel Colessio as “a landmark “in Stirling. It’s the perfect location for those looking to explore the region, couples looking for an exceptional venue to celebrate their big day and businesses wanting somewhere ideal to hold meetings and conferences.
“The experience and commitment of the Focus Hotels Management team meant we were perfectly placed to take on this important and iconic venue and we’ll look forward to working closely with the owners to deliver great service for the hotel’s customers.”
Colliers International handled the sale of the hotel, which features a restaurant grill, bar, ballroom, and conference and meeting rooms.
Alistair Letham, a director at Colliers International, said: “The hotel’s location means it offers great ease of access to Scotland’s main population centres and the many visitor attractions in the cities and the Highlands. Plus, of course, with the hotel being located so close to the iconic Stirling Castle, makes it an automatic attractive proposition.”
Article credit: The Caterer