Crerar Hotels has acquired the Craiglynne Hotel in Grantown-on-Spey, Morayshire, Scotland, for an undisclosed sum.

Crerar sold the property to London & Edinburgh Inns in 2005, but have bought it back for a “considerably lower” price.

The 80-bedroom Victorian hotel will be owned by Crerar’s sister company, the North British Trust Group, and operated by Crerar Management under the Swallow brand.

Paddy Crerar, chief executive, said: “The Craiglynne Hotel is a very good three-star hotel in a superb location, and sits very well within the Swallow estate.

“We intend to initially invest £500,000 on a general refurbishment but will revisit the hotel’s strategic position over the next 12 months, which may well result in a full remodel should we consider it better to trade the Craiglynne as a Crerar hotel.”

Crerar won the management contracts for several Swallow sites after the London & Edinburgh Swallow Group went into administration in September last year.