After being sold to Düsseldorf-based project developer and hotel operator 12.18. Investment Management GmbH, The Roxburghe Hotel and Golf Course will reopen in 2019 following a £30 million refurbishment programme to operate as SCHLOSS Roxburghe.
The 19th Century building currently consists of 22 rooms, a restaurant and a bar. Following the refurbishment, a separate extension with 57 rooms, a luxurious spa and a state of the art meeting space will be added. Moreover, 60 lodges will be built on the surrounding estate and will be made available for sale to private investors through a sale and lease back concept that will allow the new SCHLOSS Roxburghe to extend its room inventory further.
“The plans which the new owners have for major investment in the Roxburghe are very exciting indeed. We wish 12.18. every success with the new development and the operation in future and I have no doubt that it will become one of the most outstanding resort destinations in Scotland. I would like to pay particular thanks to all the staff who have worked with great dedication to deliver exceptional standards of service to our guests over the years,” said The Duke of Roxburghe.
Steven Fyfe, associate director in the hotels agency team at Savills, the estate agent that brokered the sale, commented on the purchase: “It was important we secured a buyer who could invest in the future of the hotel and golf course while respecting and maintaining the Roxburghe’s Scottish heritage. As one of Scotland’s most charming country house hotels, the sale of the Roxburghe attracted very strong interest from buyers, both from the UK and from abroad.”
Investment activity in the Scottish hotels market in the first quarter of 2018 totalled £105.85 million, which represents an increase of 90.3% year on year, exceeding the five year average by 63.1%.