The Glenburn Hotel in Rothesay, which was Scotland’s first hydrotherapy pool, has been put up for sale for £1.1million.
The prominent grand building has faced an uncertain future after being plunged into administration in August.
Cash flow problems caused by the coronavirus pandemic has been blamed for the collapse of the firm.
However, administrators FRP Advisory expect international interest in reopening the Victorian hotel with “strong interest” already reported.
Why are firms interested in The Glenburn Hotel?
The Glenburn Hotel was built in 1843 and opened as a hotel in 1892 as Scotland’s first hydropathic accommodation.
Guests from the era travelled to Rothesay for health spas and to enjoy the therapeutic benefits of the peaceful surroundings.
It was extensively refurbished in 2016 and today has about 120 guest rooms as well as a ballroom, restaurants, bars, terraced gardens and holiday cottages.
Joint administrator Stuart Robb said: “We have been very encouraged with the level of interest already received for The Glenburn Hotel with inquiries from a wide range of interested parties.
“The sale presents an excellent opportunity to acquire a prominent historic building in the heart of Rothesay with extensive potential to reopen as a hotel in due course, or for redevelopment.
“We have now appointed CDLH to manage the marketing and sales process with the price set at offers over £1.1million and would encourage anyone interested in the business to register their interest with the agents as soon as possible.”
Why is the hotel in administration?
Before the pandemic The Glenburn Hotel was popular with package holiday businesses as well as independent travellers.
The impact of the coronavirus pandemic has had a devastating effect on the industries.
The hotel traded briefly following the first Covid lockdown early last year before closing its doors in November.
When the firm was placed in administration the remaining employees who were on furlough were made redundant.
Administrators FRP Advisory blamed “significant operating costs” for the decline when coupled with declining revenue due to Covid – causing “unsustainable” cash flow problems.
It is now hoped a new buyer can revive The Glenburn Hotel now it has been put up for sale.