Shock sale at Stirling hotel
as a library then the headquarters of Forth Valley Health Board.
When the board moved out there was a danger the building might become a white elephant in the city centre.
Raploch-born businessman Steven stepped in to buy it, spending four years turning it into the city’s first five-star hotel before it opened its doors in 2014.
Since then it has been frequented by a variety of guests, including pop star Kylie Minogue.
Steven told the Observer this week he was proud to be able to say he had provided Stirling with its first five-star hotel.
And he rubbished rumours that the sale was sparked by financial woes.
“Nothing could be further from the truth,” said Steven. “There are always going to be people ready to start unfounded rumours but the truth is I’m getting married, have plans for a family and I’m the happiest I’ve ever been.
“I have always been married to my business 24/7 but now I’m just looking to adjust my work priorities to allow me to enjoy my life and be around more for my family.
“I still have my hotel management company and for a few years now have been investing in property and construction, plus have other projects in the pipeline so I’m still very much in business.
“Colessio was a big part of my life. It wasn’t easy to achieve and there were a few years of pain but I overcame many challenges and I am proud and privileged to be able to say I gave Stirling its first five-star hotel.
“There is nothing negative involved. It’s a success story and I wish the new owners good luck. I’m very excited for them and they have a passion and commitment for the hotel which is great for Stirling.”
The new owner is Hotel Colessio (Holdings) Limited, a private investor group. The hotel will be operated by Focus Hotels Management, which already manages two hotels for the same investors. The new owners plan to invest further in the hotel and want to build a 20-room extension.
Alistair Letham, a director in the UK hotels agency team at Colliers International, said: “The Colessio Hotel was offered for sale on a confidential basis but attracted interest from both local (UK) buyers and a range of overseas operators and investors.
“The hotel’s location means it offers great ease of access to Scotland’s main population centres and the many visitor attractions in the cities and the Highlands. Plus of course, with the hotel being located so close to the iconic Stirling Castle, makes it an automatic attractive proposition. The new owners are planning on expanding the hotel to provide additional bedroom accommodation.”
The Colessio has 37 bedrooms, bar and restaurant, ballroom and conference and meeting rooms.
●The Royal Hotel in Bridge of Allan was this week put on the market for offers over £2.5 million.
The detached three storey Victorian property features 34 en suite guest bedrooms, banqueting facilities and a restaurant and bar, with potential to add a further 26 guest en suite bedrooms, front dining terrace and leisure facilities, subject to planning permission.
The hotel has undergone a significant refurbishment and upgrading programme, combining the building’s original period features with a modern finish and sophisticated, bespoke design.
Agents Christie & Co say the hotel enjoys “consistently strong levels of business throughout the year and has delivered year on year growth across the different areas of operation”.
Stuart Drysdale, director at Christie & Co’s Glasgow office, who is handling the sale, said: “The Royal Hotel is an institution within the town and with its significant refurbishment, we expect a high level of demand for the hotel, from local Bridge of Allan entrepreneurs as well as Scottish and international hotel investors.”