A HISTORIC Scottish hotel which has been run by the same family for seven generations has gone on the market for almost £3 million after calling in administrators.
The George Hotel in Inveraray, a popular tourist spot in Argyll known for its whitewashed streets, went into administration last month – putting up to 60 jobs at risk.
The 24-room hotel was founded in 1860, according to its website, although an inn by that name is understood to have stood on the spot since 1720.
The National reported how Kenneth Craig and Kevin Mapstone of Begbies Traynor were appointed as joint administrators of Inveraray Inn Ltd, trading as the George Hotel, on March 28.
Administrators have since appointed specialist hotel agent Colliers to sell the business and property for offers over £2.85m.
The sale includes the George Hotel, bar and restaurant business, which stands on a one-acre site on the western shore of Loch Fyne.
Five residential properties adjacent to the hotel on Inveraray’s main street are also up for sale, with a total asking price of around £750,000.
Robert Smithson, director of Colliers, said: “This is an outstanding hotel asset in a beautiful visitor destination.
"Despite the administration, the George has a strong trading history and continues to operate well. The hotel hasn’t changed hands in over 165 years of family ownership and is one of the region’s longest-established independent hotel venues, as well as being very popular with local residents.
“It does present opportunities for growth, however at the moment it’s an ideal turnkey asset of the sort that rarely comes to the market and we expect a lot of interest from investors.”
Thomas McKay, who is overseeing the business while it remains trading and is managing the sale process with the administrators, said: “The hotel is being put on the market imminently and we will work with our agents Colliers to secure a buyer but we have already had interest in the business. The hotel remains open as normal and we continue to honour all future bookings to protect the business as a going concern.
He added: “We want to thank the public and local community for their fantastic support and response and for continuing to enjoy the amazing food, drink and accommodation on offer at the George Hotel, and also the staff for their ongoing hard work during the process of administration.”
