The Victoria Hotel, Elie

[Michael Whitaker]

I received the following email today concerning "The Vic" in Elie, Scotland:

January 2005

To all of our guests, and prospective guests:

After more than seven years at "The Vic", I have made the decision to sell the hotel.

Although no sale has yet been concluded, there is every possibility that the hotel will be sold for residential development.

As a result, we are unable to take any bookings after February 2005, and are unable to confirm any provisional reservations currently being held for accommodation from 1st March onwards.

I would like to apologise to any guests wishing to book for the current year, but I am sure that you will understand that we cannot take any bookings when we are not sure if we will be able to fulfill your requirements.

For guests who have stayed at "The Vic" during my time as proprietor, I would like to thank you very much for your business and support. I have made many friends throughout the world, particularly with visiting golfers, and have very much enjoyed both arranging golf holidays, and playing with a great number of our guests.

Is this a singular event or a precursor of things to come in other localities?

[Don Dinkmeyer]

What course(s) is this near, please?

My experiences have been in Ireland, not Scotland (yet). Could not say I've stayed at any place that was threatened with an urban or residential development...

[ForkaB]

Elie is an extremely hot property market, being the weekend getaway destination of choice for the Edinburgh yuppie scene.  I'm sure the hotel got an offer it just couldn't refuse.

[Don Dinkmeyer]

Don

We are talking Fife, not far from St. Andrews.

Ciao

Sean

Thanks. For the reasons described later in the thread, it looks like supply and demand are encroaching on St Andrews. It blows me away that (apparently) there are student-type apartments that overlook the old course. I would have thought it was bought out like beachfront -- but again, I've never been...

[Yancey_Beamer]

While in St. Andrews this summer I learned that wealthy parents are buying many of the flats near the Old Course and around town for their children/students This has  decreased the supply of summer rentals.For the parents the appreciation in todays market will be an excellent investment.

[David_Tepper]

Michael-

This is simply a reflection of what is happening elsewhere in GB&I. About a year ago, the Golf Links Hotel in Brora announced it would be closing at the end of the 2004 season to be renovated and turned into 20-odd 'holiday flats,' which I think will each be owned on a separate basis. I have not been to Brora since this past September, but I presume the project is underway.

You may be aware that 'time share' property developments are up and running at both Gleneagles and Turnberry.

As we baby-boomers mature and achieve some degree of financial security, the property market for vacation/holiday homes is booming, both in GB&I and here in the US.  There is easier (and quicker) money to be made buying a hotel property and selling the occupancy in individual ownership slices rather than trying to profit by operating a hotel year after year.    

Of course, if interest rates were to go up sharply, that all could change.

DT

[David_Tepper]

I read on the Northern Times website this morning that the Golf Links Hotel in Brora has, in fact, been torn down. The site is being developed into 20-odd holiday flats/condos that I believe will be sold on an individual basis.