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Edinburgh hotel sales highlight demand for Scottish properties
Recent activity in the Edinburgh property market has underlined investors’ strong appetite to acquire quality properties in the Scottish market, according to law firm Lindsays.
Ownership of the 100-bedroom Kings Manor Hotel, just a stone’s throw from Portobello beach, recently changed in an off-market deal.
Lindsays acted on behalf of Solley Hotels, who sold the site to the Edinburgh (Portobello) Hotel Limited for an undisclosed sum.
Alastair Smithdirector of Lindsays’ corporate department, which works with investors in the hotel and hospitality sector, was part of the company’s team that advised them.
He said: “The sale of Kings Manor Hotel reflects the ongoing demand for high-quality private hotels in Scotland’s tourist centers.
“As a company, we have been involved in several hotel sales in this sector.
“This was a sale that certainly demonstrates the resilience and dynamism of the independent Scottish hotel market, despite the surrounding economic shocks.”
Other Lindsay lawyers involved in the deal were Kenny Graypartner in the commercial real estate department and labor law partner Kate Wyatt.
Solley Hotels had owned the three-star former stately hotel on Milton Road since 1976.
Managed by the Best Western brand, it has a 100-seat restaurant and an 85-seat bistro, as well as a leisure club and spa, including four treatment rooms and a swimming pool. Guests also have access to a tennis court.
Commercial property agents Colliers, who marketed the property, said there was “considerable interest” in the hotel, which “resulted in a competitive bidding process from local, national and international hotel operators”.
Strong demand has been reported for regional hotels across the UK, especially those close to cities and tourist destinations.
Smith added: “The independent hotel market in Scotland is particularly attractive given that there are sales to both individuals as an owner/operator and corporate investors, which was the case here.
“Both the hotel operators and investors we work with are certainly interested in exploring new opportunities as they arise.”