The sale
Graham + Sibbald's hotel and leisure division announced the sale of the Mercure Aberdeen Caledonian Hotel on 17 September 2026. The 83-bedroom property occupies Union Terrace in the city centre and looks over Union Terrace Gardens. The price was undisclosed.
Katie Tait, an associate in the firm's Edinburgh office, and James Williamson in its London office handled the transaction for the seller, Millemont. Tait states that the transaction generated significant interest from the market. The deal publishes no price per key and no yield.
The asset
The hotel opened in 1892 as the Grand Hotel. It carries Renaissance-style architecture in white Kemnay granite, with stained glass windows that show the harbour, the beach and castles. Its trading space takes in a lounge bar of about 40 covers, a bistro restaurant of about 30 covers and four function rooms that each hold up to 75 guests.
The hotel trades under Accor's Mercure brand.
Eighteen months of marketing
The hotel had been on the market since March 2025, per the Aberdeen and Grampian Chamber of Commerce and Aberdeen Business News. That places roughly 18 months between listing and sale. Millemont sought to concentrate its resources on hotels closer to southern England, per Aberdeen Business News.
Guy Rowles of Millemont said the property had been an important part of the local hospitality market and wished the purchaser success under new stewardship.
The seller
Millemont is a London platform. Its own site describes Millemont Capital Partners as investing in real estate opportunities with an initial focus on acquiring sustainable hospitality assets in core UK cities, through value-add strategies of GBP10m to GBP50m.
The buyers
The Aberdeen and Grampian Chamber of Commerce, Aberdeen Business News and the Press and Journal name Keith Martin and Robert Keane as the buyers, both local hospitality operators. Martin runs The Craftsman Company Coffee and Ale House on Guild Street. He worked as a barman at the Caledonian while a student, and his aunt, Mary Martin, ran the hotel as general manager in the late 1990s.
Keane co-owns The Douglas Hotel on Market Street with Mary Martin. He opened Malones Aberdeen in 2009, holds interests in Molly's Bistro and The Craftsman, and has developed venues in Leith, a rooftop bar at Waverley Market and a beer garden at Glasgow's Festival Village.
Martin said the new owners have very ambitious plans, and that their aim is to give the building the future it deserves. Aberdeen Business News reports that detailed plans for the hotel have yet to be revealed.
What the transaction leaves open
The price remains undisclosed at every source, including the agents' own notice. Aberdeen city-centre stock gains a liquidity signal from the transaction and no pricing comparable.
No source read for this piece states the brand arrangements under the new owners, a reopening date or any capital works programme. Ask the new owners for the brand agreement, the distribution contract and the capital programme.