International Hotel Properties Limited (IHL) has acquired the Holiday Inn Express Edinburgh City Centre for £17,725,000 plus costs.
The acquisition marks IHL’s continued growth and investment into the European hotel sector and is the business’s ninth hotel purchase since August 2015. This property adds a further 161 hotel bedrooms and takes IHL’s portfolio to nine hotels with a total of 1,135 bedrooms.
IHL’s CEO, Jon Colley commented “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. The hotel also has the potential for the addition of more hotel rooms, which management are exploring.”
“The purchase underpins our investment strategy and business plan of investing in good quality hotels in strong locations with international brands that have the potential to deliver consistent cash returns to shareholders” says Colley.