A CAPITAL hotel has changed hands for £17.7 million, it has been confirmed.
International Hotel Properties Limited (IHL) has acquired the 161 bedroom Holiday Inn Express Edinburgh City Centre as it continues to push into the European sector.
The grade B listed property, which has permission for a 20 bedroom rear expansion, is the company's ninth hotel purchase in less than 18 months.
Chief executive officer Jon Colley said Edinburgh's continued draw for travellers made it a sound investment. He said: "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."
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