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Wed 22nd Feb 2017 - G1 Group makes biggest single acquisition in 27-year history with top hotel
G1 Group makes biggest single acquisition in 27-year history with top hotel: Scotland’s biggest managed operator G1 Group has bought the five star 69-bedroom Scotsman Hotel on North Bridge, Edinburgh, described as its biggest single deal in its 27-year history. The complex deal for the acquisition of the hotel was brokered between representatives of the G1 Group, JLL Hotels & Hospitality Group and CBRE Hotels, who had been appointed to market the hotel following the appointment of Eileen Blackburn, of French Duncan, as liquidator in June 2016. Formerly under the ownership of JJW Hotels, part of the MBI Group, the 69 bedroom property is being sold to G1 independent of the brasserie and spa facilities which are under separate ownership. Over 90 employees currently working across the hotel and food and beverage areas of the business will transfer to G1 in connection with the acquisition. The G1 Group, which operates exclusively in Scotland, is most heavily represented in the central belt, and has a reputation in Edinburgh and elsewhere for sensitive renewal of buildings of significant historical interest, most recently announcing the purchase of the former Odeon Cinema on Clerk Street. The Group also operates four other hotels in Edinburgh, including the Grassmarket, Stay Central and Murrayfield Hotels, and the four-star boutique Inn on the Mile Hotel on the Royal Mile. Brian McGhee, chairman at G1 Group, said: “Buying anything out of liquidation is a difficult process for all concerned, and we cannot commend Eileen Blackburn and David McGinness of French Duncan enough for their professionalism throughout, in their ability through their rapport with the hotel team to retain a significant amount of goodwill from both patrons and staff members, at a very difficult time for both.” G1’s managing director Stefan King said: “We have enjoyed huge support from Edinburgh City Council, the patrons and the teams employed in our Edinburgh venues over the years. The acquisition of The Scotsman Hotel is a significant reflection of a continued commitment to the City, and to the creation of further opportunities for the Group and its employees. We aspire to build on the iconic presence and reputation of The Scotsman Hotel to be at the forefront of hotel venues in the City.” Rob Seabrook, director of hotels at CBRE, said when the hotel went on the market: “The Scotsman Hotel is one of the most recognisable features of Edinburgh’s UNESCO world heritage skyline. Barriers to entry in Edinburgh remain high and we anticipate strong interest in this exceptional opportunity.”


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