05.01.2011Hotel and licensed property specialist, Colliers International, has sold the Channings Hotel, 12 – 16 South Learmonth Gardens and The Howard Hotel, 32-36 Great King Street in Edinburgh on behalf of the Town House Company Limited. The Howard, a quality 5 star boutique style hotel, has 18 luxurious bedrooms/suites as well as restaurant, drawing room and meeting rooms. There is also a valuable planning consent to create 4 additional apartments converted from the mews buildings at the rear. The Channings is located close to Edinburgh City Centre, and is a high quality town house hotel that has been converted from 5 adjoining terraced houses to create 41 bedrooms, including some suites, along with a range of bars, restaurants, lounge and meeting room facilities. Both hotels have been purchased by Palm Holdings who already own the Old Waverley Hotel, Princes Street and the Holyrood Aparthotel, Royal Mile in Edinburgh. The purchase prices of both hotels are undisclosed but the asking prices have been confirmed at £5.5m for Channings and £3.5m for The Howard. Award winning entrepreneur Peter Taylor of the Town House Company commented: “In a way it was sad to put the Howard and Channings up for sale, but we had found that smaller hotels just did not offer us the same economies of scale. The focus for us now is very much on developing the five-star Blythswood Square in Glasgow and seeking out further larger hotel opportunities to expand.” Ricky Kapoor, Commercial Director of Europoint – a subsidiary of the purchasing company – commented: “This acquisition now creates a wonderful collection of unique properties to meet the needs of every type of visitor to Edinburgh. We intend to undertake a refurbishment programme and promote all our hotels under the banner of The Edinburgh Collection.” The sale was handled by Alistair Letham and Julian Troup of Colliers’ Hotels team who commented: “Our instructions were to handle the marketing in a confidential fashion and the results of the exercise highlighted the on-going demand for quality hotels with both domestic and international interest being expressed”.