Tue, 15 Sep 2015 | BUSINESS SALE
The Crown Plaza Hotel in Edinburgh is up for sale after its former owner collapsed into administration earlier this year.
The four-star property is located in Royal Terrace in the Scottish capital and in its current guise has 100 rooms for rent, a swimming pool, meeting spaces and a gym.
Crown Plaza was owned by Prima, which collapsed in May of 2015. The Edinburgh hotel and four others were placed into administration as a result and its affairs have since been managed by joint administrators at AlixPartners.
The team are now selling the property through JLL Hotels and Hospitality Group either subject to a franchise agreement with IHG Hotels, or with vacant possession subject to negotiation.
JLL director Kerr Young commented: “The Crowne Plaza provides an opportunity for an investor to extract value through active asset management, leveraging in-house expertise or an experienced third-party operator, in one of the UK's most sought after hotel markets.”
He added that Edinburgh is the strongest performing hotel market in the UK after London and also outperforms many European regions.
Indeed, a recent study from BDO confirmed that room revenues in Edinburgh were the highest in the UK, London excluded, and came in at an average of £86.34 in June.
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