16 Sep 2014
Edinburgh’s four-star Radisson Blu Hotel on the market with price tag of £59m
BY Chris Dodd
Edinburgh’s four-star Radisson Blu Hotel has been put up for sale with a price tag of £59m (US$95.8m, €74.1m), with agents CBRE and JLL also seeking to shift properties in Manchester and Glasgow as part of the portfolio on offer.
The Blu can be bought as a single purchase, while the Park Inn by Radisson in Manchester is being offered up at £20m (US$32.4m, €25.1m) and the Quay Leisure Park in Glasgow at £53.3m (US$86.5m, €67m). However, investors are also being offered all three in a job-lot deal for £132.3m (US$214.4m, €165.9m).
The Radisson Blu is home to 238 bedrooms, a restaurant, bar, conference rooms and leisure facilities, while the Park Inn has 252 rooms and features similar hospitality and leisure offerings.
The leisure park in Glasgow contains 13 units and an Ibis hotel on a site measuring just under 16 acres. Some of the key tenants already on-site include Odeon Cinemas, Mecca Bingo, The Original Bowling Company and ALEA Casino.
Being handled by commercial property and real estate advisers CBRE and JLL, the move could be construed as an attempt to cash in on a resurgent market.
The UK sector has seen a number of high-profile changes recently, with the Lowry Hotel in Manchester recently purchased by Westmont Hospitality Group (WHG) and its investment partner Mount Kellett Capital Management for a reported sum of £40m (US$64.9m, €50.2m).
Elsewhere, French hotel group Accor has broken away from the oft-championed asset-light strategy deployed by modern hospitality groups by purchasing 13 properties in the UK, looking to benefit from a booming market heightened by strong tourism figures.
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