IHL buys hotel in Edinburgh for £18mn

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Published Jan 16, 2017

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Cape Town -  IHL, the JSE-listed hotel and leisure-focused property investment company, said on Monday it had completed the acquisition of the Holiday Inn Express Edinburgh City Centre for £17.7 million plus costs. This is the ninth hotel purchase since August 2015 for IHL, whose primary listing is on the Euro MTF Market of the LuxSE.

The company, whose secondary listing on the AltX of the JSE, said this deal added a further 161 hotel bedrooms to its portfolio for a total of 1 135.

IHL’s chief executive Jon Colley noted that Holiday Inn Express Edinburgh City Centre, a “high quality asset”, was in the most stable hotel market in the UK outside of London.

Read also:  Hotel group IHL seeks to grow returns

“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,” Colley added.

The capital of Scotland is a major tourist destination and is the UK’s most popular city after London.

Tourists are attracted by a wide range of annual festivals. It is also one of the UK’s most popular conference destinations. 

AFRICAN NEWS AGENCY

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