A Tayside hotel will close in the new year, before being transformed into a luxury apartment complex.
The Panmure Hotel in Monifieth will close on New Year’s Day after its owners said the business had suffered “substantial losses”.
The hotel, which is in Tay Street and overlooks Monifieth Golf Links, is set to be converted into nine flats in a £2.7 million redevelopment scheme, with the full plans still to be finalised for the manor house building.
Managing director Charlie Duthie said that despite the closure, the construction of new apartments would create jobs in the Angus town, and also preserve the look of the building.
Mr Duthie told the Tele: “Sadly, after seven years of ownership, the hotel will close.
“The closure will take place following the finale party on New Year’s Eve, which we hope will be a big occasion here.”
Mr Duthie said that January 1 2018 would be the final day the hotel was open for business, following the Hogmanay celebrations, which will involve live music, a magician, a disco and a children’s entertainer.
He added: “The current owners and former two tenants have tried hard in the past seven years to turn the business around.
“They have invested in refurbishment of the building but this has proved to be uneconomic and as a result, incurred substantial losses.
“The owners are working closely with architects and planners to invest in developing the building into nine luxury apartments in a £2.7 millon project.
“These plans, subject to approval, will create jobs in the village and add to the beautiful surroundings, complementing the area and bringing the building back to its former graceful splendour.”
As well as the hotel itself, the building also houses a 200-capacity function room which has been a popular venue for weddings, conferences and exhibitions.
It was where big name stars in the world of darts have twice made appearences for exhibition matches this year.
They included three-time BDO world champion Martin “Wolfie” Adams, who appeared at the Panmure in January and August.
Tickets for the Hogmanay party are on sale now.