Publicly traded Chinese real-estate company MDJM has agreed to purchase the 20-room Fernie Castle Hotel in Cupar, Scotland, 15 miles west of the famous golf courses of St. Andrews, for an undisclosed price.
The seller was Braveheart Hotels, which is based at the castle, and MDJM acquired the asset via its wholly owned United Kingdom subsidiary, MD Local Global.
The Tianjin, China-based firm stated in a news release that the acquisition “with its historical and cultural value, will be an important initiative for the company’s business transformation and expansion to specialty hotels, tourism and cultural markets in Europe.”
The 17-acre property has woodland, a small lake known as a “lochan” and a tower house altered in the 16th century but originating in 1353. It was passed to the Fernie family in the 15th century.
MDJM said it will use the castle as its headquarters to market the castle’s history and interest, and to plan growth in other similar assets.
“We believe physical assets play an important role in preserving value against inflation and that, by the time we make considerable progress in the strategic layout of our new business in the European market, our international expansion may become a key growth point,” added Siping Xu, MDJM’s chairman and CEO.
The castle’s assets were transferred to the British crown in 1715 due to the Fernie family having been implicated in the Jacobite Rebellion, although members of the family continued to live there and administer the estate.
The castle remained a private residence until 1960, when it became a hotel.