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JLL advised on the sale of the Radisson Blu Hotel on the Royal Mile in Edinburgh, one of the most sought after hotel markets in Europe. The 4 star hotel was sold to German Deka Immobilien GmbH who purchased the hotel on behalf of WestInvest Gesellschaft für Investmentfonds mbH's TargetSelect Hotel fund. It sold for an undisclosed price which has made it the largest hotel transaction in Scotland since 2007.
The city centre Radisson Blu Hotel enjoys a prime location within Edinburgh's historic old town and boasts 238 bedrooms plus a restaurant, bar, conference rooms and leisure facilities. It is currently let to Rezidor, which holds a lease until 31 October 2028, with an option to extend.
"The Radisson Blu in Edinburgh offers not only a secure income stream with great covenant strength, but also prime real estate in Scotland's historic capital – one of the most sought after hotel markets in Europe," said Kerr Young, Director of Hotels and Hospitality for JLL. "We received a huge amount of interest, underlining the appetite from investors in today's market."
Manchester's Park Inn by Radisson came to the market at the same time and was bought by The Ability Group, owners of the Premier Inn Glasgow, Doubletree by Hilton Cambridge, Hilton Dunblane Hydro, Liverpool Hilton and the Hilton, London Syon Park. The properties were brought to marketJ on behalf of ohn Reid & Peter Allen, both of Deloitte LLP, as Joint Administrators and Joint Liquidators of the vendors with asking prices of £59m and £20m, respectively.