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News Release

London

Point Hotel in Edinburgh on the market at offers over £15.75 million


Glasgow, 4th November, 2009 Jones Lang LaSalle Hotels has been instructed by Blair Nimmo and Gary Fraser of KPMG, joint administrators to Applegrove Trading Limited, to sell the iconic Point Hotel in Edinburgh city centre.
 
Alan Creevy, Director in Jones Lang LaSalle Hotel’s Licensed Leisure Team who is handling the sale, commented: “The Point Hotel is a delightful 139 bedroom hotel, at the core of Edinburgh city centre, with prime Edinburgh Castle aspects and in close proximity to both Waverley and Haymarket Railway Stations.”

The property has a contemporary restaurant and bar and a dedicated conference centre, with spectacular outlooks. Included within the sale of the Point Hotel is a valuable bar investment which is leased to Whitbread at an annual rent of £81,414 p.a. and has significant stepped increases.

Alan Creevy commented further: “The Point Hotel is presently branded as a Mercure Hotel but purchasers are free to decide whether to continue running the hotel under the existing management contract or to offer the hotel without the management contract. We believe this will attract a wide range of potential purchasers from property investors wishing to continue to receive the very valuable profit streams the hotel generates to hotel operators wishing to rebrand the property.”

The property will be marketed on a national and international basis.

Jones Lang LaSalle Hotels has seen a marked increase in the level of activity over the last three to four months in the hotel and leisure property sectors. The low interest environment coupled with recovering trading conditions for hotel and leisure operators has undoubtedly seen a greater number of potential buyers returning to the market.

Notes to Editors:

Further information is available from Alan Creevy at alan.creevy@eu.jll.com or on 0141 248 6040.