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News Release

Glasgow

Novotel Edinburgh Park Sold

Jones Lang LaSalle Hotels advised Seller


Acting on behalf of Blair Nimmo and Gary Fraser of KPMG LLP, the Joint Administrators to EBH Limited, Jones Lang LaSalle Hotels has sold the purpose built 4 star Novotel at Edinburgh Park. Alan Creevy, who handled the sale, commented "The Novotel is a first class purpose built 170 bed hotel with spacious bedrooms, the leisure facility with swimming pool, located within Edinburgh Park adjacent to Hermiston Gate Retail Park. This is a highly attractive location with direct access to the M8 Motorway as well as being in close proximity to Edinburgh Airport."

"We were instructed towards the end of 2009 to market the property. No price was quoted and, not surprisingly, there was a great deal of interest in the property.!

"A closing date was set and we received a number of offers. Due to the complexity of the administration process, a select number of bidders were asked to resubmit their offer when a preferred bidder was chosen."

The purchaser, Algonquin, is a European based hotel investor with a number of hotel funds and this is their first venture into Scotland from their base in France. Algonquin was very professional in the acquisition process and intends to continue operating the hotel under the Novotel brand.

No details of the sale price were released. Further information contact Alan Creevy on +44 141 567 6682 or via email alan.creevy@eu.jll.com.