Holiday Inn Express Edinburgh city centre has been sold for £17.7 million.
International Hotel Properties (IHL) , owner of the Travelodge at Broxden in Perth, has bought the Holiday Inn Express Edinburgh City Centre for £17.7 million plus costs.
The 161 bedroom property in Picardy Place across from the Playhouse Theatre, was bought from FRP Advisory, administrators to European Development Company (EDC).
It takes IHL’s portfolio to nine hotels in the UK, including two in Scotland, with a total of 1,135 bedrooms.
Occupancy and daily rates for the hotel peak during August and are supported by a consistent corporate demand in a city that is one of the UK’s most popular conference destinations outside London.
The hotel’s RevPAR (Revenue Per Available Room) is among the highest in the UK at more than £70.
FRP Advisory were appointed joint administrators to EDC, owner of the Holiday Inn Express Edinburgh City Centre as well as a Holiday Inn and a Holiday Inn Express in Aberdeen.
They continued to trade all the hotels while seeking buyers.
The administrators said the two Aberdeen hotels will shortly be marketed for sale.
