PAG Hotels' Castle Venlaw hotel sold
The Castle Venlaw hotel in Peebles in the Scottish Borders, previously part of in-administration PAG Hotels, has been sold.
Property agents Colliers International sold the business to an unnamed private couple who are understood to be planning to continue running the property as a hotel.
The purchase price for the Scots baronial style castle, which has 12 rooms along with bar, restaurant and meeting room, was not disclosed but was close to the asking price of £695,000.
PAG Hotels, which owned two hotels - the Castle Venlaw and the Auchen Castle near Moffat - was placed in administration in June 2010. The Auchen Castle Hotel was sold earlier in the year.
Alistair Letham, a director with Colliers International, said: "The Castle Venlaw hotel has, in the past, been a well-established leisure destination proving popular with a cross-section of customers, including exclusive use for weddings. With the hotel's proximity to Edinburgh it also attracted a good mix of commercial custom. Under new ownership the business will be redeveloped and reinstated into the leisure market place as a popular and quality venue and destination".
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By Neil Gerrard
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