Hotel in historic town centre mill building on the market
AN established hotel in the centre of Paisley is on the market after being put into administration.
Colliers International is marketing the Watermill Hotel with a price tag of offers around £900,000.
The 49-bedroom hotel was placed into administration in January of this year, but has continued to trade under the management of administrators Paul Dounis and Kenneth Pattullo of Begbies Traynor.
[pullquote_right]The Watermill Hotel is a long established business on the hotel scene in Paisley. It offers a tremendous opportunity.[/pullquote_right]In addition to its letting bedrooms, the property has a bar, restaurant and two conference/meeting rooms.
“Watermill Hotel has long been an established business on the hotel scene in Paisley and continues to be so,” said Alistair Letham, a director with selling agent Colliers International.
“Unfortunately the current financial climate has forced the administration but this established business remains open for trade continuing to serve both the local and visiting community.
“Prospective purchasers can acquire this well-established business, which offers a tremendous opportunity.”
The historic building was originally the Saucel Mill, but has been trading as a hotel for several decades.
A recent refurbishment project included the creation of a brand new function room.
The hotel, which is located close to Glasgow Airport, caters for a range of functions, including weddings, meetings and other corporate events.