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International Hotel Properties (IHL) has acquired the Holiday Inn Express Edinburgh City Centre for a sum of £17.7m.
The grade B-listed building – formerly owned by EDC Hotels – consists of 161 hotel rooms and has planning permission granted for a 20-bedroom extension at the rear of the property.
The purchase from IHL marks the company’s continued growth and investment into the European hotel sector and is its ninth hotel purchase since August 2015. The business now has a portfolio of nine hotels with a total of 1,135 rooms.
Kerr Young, director of JLL’s hotels and hospitality group, which advised on the sale, said the deal was an “excellent opportunity to acquire an established hotel in a strong market”.
Jon Colley, IHL’s CEO, said: “This is a high quality asset in the most stable hotel market in the UK, outside of London, and is an excellent addition to IHL’s growing portfolio. The hotel consistently trades at a very high occupancy and is a mature stable business having been open for over 12 years.”
He also confirmed that the company is exploring the hotel’s potential for the addition of more hotel rooms.
