Fri, 18 Nov 2016 | ADMINISTRATION
Three Holiday Inn hotels in Scotland have been put up for sale by administrators.
The Holiday Inn Express on Chapel Street and the Holiday Inn in Westhill, both in Aberdeen, plus the Holiday Inn Express in Picardy Place, Edinburgh, are all on the market.
Their owners, the European Development Company (EDC), called in administrators after running into cash flow problems.
Joint administrators FRP Advisory said the hotels will continue to trade as normal while buyers are sought.
Combined, the hotels turn over around £11 million and employ 136 staff.
FRP Advisory said although the hotels hadn’t struggled to attract customers, EDC had suffered “severe” cash flow problems brought on by a downturn in the oil and gas sector, coupled with price competition from new hotels.
Joint administrator Iain Fraser said: "The administration presents a rare opportunity to acquire quality hotels with an established trade and reputation in their local markets.
"The hotels could appeal to an existing hotel operator looking to expand their business, or an entrepreneur keen to enter the hospitality market by acquiring quality properties in prime locations.
"I am pleased to say that we are in advanced discussions for the sale of the Edinburgh hotel, and would urge interested parties to contact us as soon as possible with respect to the Aberdeen properties."
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