A 589-room portfolio
The collection has 589 rooms, with individual hotels containing between 42 and 100. Its Scottish properties represent 14% of the luxury rooms in Scotland's northern regional submarket.
The Scottish hotels include Dunkeld House Hotel in Perthshire, Fonab Castle in Pitlochry, Balmoral Arms in Ballater, the Glencoe Inn and Thainstone House near Inverurie. The collection also includes Oban Bay Hotel, Golf View Hotel & Spa in Nairn, Loch Fyne Hotel & Spa in Inveraray and Isle of Mull Hotel & Spa in Craignure. The Daffodil Hotel & Spa near Keswick is the Lake District property, according to portfolio details reported by ScottishNews.com and TheBusinessDesk.com.
Steven Fyfe, director of hotel capital markets at Savills, said: "The portfolio combines high-quality assets, an established operating platform and a robust income stream with clear potential to drive further performance through targeted investment."
Acquisition, refinancing and refurbishment
The ten-property collection took shape in March 2023, when London-based investment firm Blantyre Capital and its operating partner, Fairtree Hotel Investments, acquired control of Crerar Hotel Group. The deal added seven Scottish four- and five-star hotels previously controlled by businessman Paddy Crerar to the partners' existing holdings of Fonab Castle, Dunkeld House and the Daffodil Hotel & Spa, ScottishNews.com reported.
The price was not disclosed. Colliers, which advised on the transaction, characterized it as one of the largest Scottish hotel group deals in many years. Those seven Crerar hotels contained 386 bedrooms and generated more than £14 million in net turnover during 2021/22.
In 2025, HSBC UK provided Crerar Hotels with approximately £40 million in refinancing covering all ten properties. The package was intended to fund refurbishment and further growth, alongside additional targeted investment from Blantyre funds, according to Scottish Financial News.
Blantyre has funded improvements at several hotels since the acquisition. That work included a £150,000 investment in the health club at Thainstone House, completed earlier in 2026.
Scottish hotel performance and overseas demand
Savills research puts Scotland's growth in revenue per available room, or RevPAR, at 60% since 2019. That increase was twice England's and ranked third in Europe. Average RevPAR in Scotland was £100 for the 12 months through April 2026.
Luxury hotels have performed better than other hotel categories, supported by a 10% rise in average daily room rates since 2019. High-spending international travelers also contribute to demand: US visitors account for 22% of Scotland's overnight visitors and 37% of its total tourism spending.
Fyfe said: "Scotland's luxury hotels continue to benefit from their appeal to high spending international visitors, particularly those from the US, Middle East and growing inbound markets from East Asia."
