City hotel set for expansion | Scottish Licensed Trade News

Scottish Licensed Trade News

City hotel set for expansion

Posted on by in Property

Private investors take over 37-bedroom Stirling hotel

THE Colessio Hotel in Stirling is on course for a major extension after the property changed hands in a multi-million pound deal brokered by Colliers International.

Situated on Spittal Street near Stirling Castle, the hotel has 37 bedrooms, said to be decorated in a “high quality boutique style”, a bar and restaurant grill and conference and function rooms.

The Georgian property was built in 1825 as a bank and has also served the city as a hospital before opening as a hotel in 2014 after a major renovation.

The new owner, private investors group Hotel Colessio (Holdings) Limited, has announced plans to build a new 20-room extension to the hotel, subject to planning permission.

Being so close to the iconic castle makes it an automatically  attractive proposition.

The venue will now be operated by Focus Hotels Management, which already manages two hotels for the new owner.

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, being so close to the iconic castle makes it an automatically attractive proposition.”

While the purchase price for the hotel was not disclosed, Colliers International confirmed it was close to the asking price of offers around £6 million.

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