Acting on behalf of the CHGF, the leading hotel and licensed property specialists, Colliers International, acting jointly with Savills, have sold the Holiday Inn Express Hotels in the Royal Mile/Cowgate, Edinburgh and Dunfermline.
The Holiday Inn Express, Royal Mile, Edinburgh is located in the heart of Edinburgh’s Old Town and with its 78 Letting Bedrooms is ideally positioned to cater, year round, to the wide cross section of custom and visitors – tourists, corporate, commercial, etc – that are drawn to Scotland’s capital city. Situated to the east of the town the Holiday Inn Express, Dunfermline, with its 82 bedrooms, not only enjoys spin off benefit from being relatively nearby to Edinburgh but its south Fife location is also an ideal base from where to explore the rest of Scotland. Plus the continuing developments at the nearby Halbeath Interchange and the new Forth Bridge (Queensferry) Crossing is all ensuring an increase in trade in the coming years.
The two hotels have been purchased by Chardon Trading in a combined package deal and both businesses will continue to be managed and operated by Interstate, utilising the Holiday Inn Express franchise, ensuring continuity of management, staffing and marketing.
Both hotels continue to be managed by Interstate Hotels & Resorts.
Chardon Trading Managing Director, Nicola Taylor, said: “We’re delighted to secure the acquisition of these two hotels, which sit well within our existing portfolio which includes: Holiday Inn Expresses in Glasgow Theatreland, Perth and Edinburgh Airport and Holiday Inn Glasgow. These purchases would not have been made possible without the assistance of RBS, with which we have enjoyed a productive business relationship dating back to 1972.”
Agness Nairn, Director, Corporate Coverage, RBS, said: “We are delighted to be able to support this leading Scottish company. We have a long and valued relationship with the Taylor family and look forward to working closely with them to help in their continuing success.”
Alistair Letham, Director with selling agents Colliers International, commented: “There was strong demand for both these limited service hotel businesses, which were being offered for sale as a package, from not only the UK corporate companies but also internationally. The success of Edinburgh as a destination, where occupancy levels and achieved room rates have and are being successfully maintained, undoubtedly was a huge draw and appeal particularly from those companies and brands not yet represented in the City."
The purchase price of the two hotels was not disclosed but selling agents Colliers International and Savills were inviting Offers around £12 million for the two hotels as a combined package.