Price slashed for local hotel
David O'Leary • Published 4 Feb 2011 09:30
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CASTLE Venlaw Hotel has had its asking price slashed to £695,000 as 12 jobs hang in the balance.
The hotel was first put on the market for £795,000 in August last year after its owner, PAG Hotels, went into administration.
But now agents Colliers International have been forced to reduce the asking price in an effort to drum up interest.
The baronial style 12-bedroom hotel, on the outskirts of Peebles, was put on the market along with the 25-bedroom Auchen Castle Hotel, near Moffat, which is being marketed for more than £1.25m.
Accountants KPMG placed PAG Hotels in administration on June 29 after being called in by the Santander bank.
Built in 1742, Castle Venlaw has traded as a boutique country hotel since the middle of the last century. It has 12 bedrooms, along with a bar, restaurant and an Adam style meeting/conference room.
The hotel remains open and is currently operated by a management company on behalf of the administrators.
Alistair Letham, a director with selling agents Colliers International, commented: "Castle Venlaw Hotel is a well-established leisure destination, which has proved popular with a cross-section of customers, including exclusive use of the hotel for events such as weddings. In addition, the hotel's proximity to Edinburgh attracts a good mix of commercial custom.
"In the past the hotel has traded at very good levels of turnover and profitability, and with new owners the hotel could be an excellent and profitable business."
Castle Venlaw Hotel was first opened in 1949 by Alexander Cumming and his wife, Jean.
On Alexander's death in 1972, his son, Alistair, took over his father's share of the business and operated the hotel with his mother and his wife, Janet.
The hotel was later sold to John and Shirley Sloggie, in 1997, who renamed it Castle Venlaw Hotel and the property changed hands once more in September 2007 when bought by PAG Hotels.
This article appeared in Peeblesshire News 04 Feb 11
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