Bruce & Co. are delighted to announce the sale of the Spread Eagle Hotel, located in the Scottish borders town of Jedburgh.
The hotel was purchased by the vendor Mr McLay in 2012, who invested in the hotel as a project to renovate the property. The aim was to re-introduce the property to the market on a freehold basis. As a result, extensive renovations have been carried out throughout the entire building, yet still retains much of the character and traditional features that the property originally came with.
Benefitting from 8 en-suite letting rooms, the hotel provides an excellent scenario for a short family holiday, romantic break, or a business stay. The hotel additionally benefits from a large function room and 2 rooms which are often utilised for marriage ceremonies.
The hotel has established an excellent rating on various hotel review and booking sites such as Trip Advisor. Profit has been derived mainly from reservations from visiting tourists and from functions and events. However, immediate scope exists for the new owner to increase profit, by for example, extending restaurant opening hours – as the hotel comes with a restaurant which does not open daily. The hotel also comes with a bar and beer garden – both of which are equally popular.
Interest in the hotel was expected to be high, and this was solicited with an impressive 17 viewings and 6 offers. The hotel was eventually sold to Mr Lataoui on a freehold basis for £215,000. Regarding the service received through Bruce & Co., the vendor, Mr McLay, comments “Bruce & Co. have done a fantastic job for me, and they’re worth their weight in gold. The dialogue between us was brilliant, and I can’t thank them enough. They have done exactly what it says on the tin!”
The buyer, Mr Lataoui also commented that he had no problems along the way, and that the sale went well.