Wed, 02 Nov 2011 | COMMERCIAL PROPERTY
Edinburgh's five-star Scotsman Hotel is likely to be put up for sale, after the company behind the landmark venue went into administration.
The Scotsman Hotel Group was placed into administration by its bankers at Lloyds after accumulating debts reported to be in the region of £50 million, according to reports in The Scotsman newspaper. The company also owns hotels in Leeds and Paris.
The day-to-day operations of the impressive 69-room hotel are not currently being affected by the administration process, and it is reported to be "trading normally".
The hotel has been in business since April 2001, when it opened in the eye-catching baronial-style former offices of The Scotsman newspaper on North Bridge in the centre of the Scottish capital. The building was built in 1905 and specifically designed to dominate the Edinburgh skyline and features incredible views of the city's most famous landmarks.
The premises also features the popular North Bridge Bar and Brasserie, containing original feature marble columns and oak panelling, and the Scotsman Health Club and Spa, with a fully-modern gym, steel swimming pool, tropicarium and spa treatment rooms.
A number of industry insiders have forecast that the sale will generate "a lot of interest" from potential buyers, on the local, national and international levels. There has been no indication yet of the price tag that will be set for the property.
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