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EDINBURGH, 07 March 2016 - JLL’s Hotels & Hospitality Group has been instructed on the sale of the Edinburgh City Centre Haymarket Hotel.
The purpose built Edinburgh City Centre Haymarket Hotel is currently operated under a management contract by Premier Inn, but will be offered with the benefit of vacant possession providing significant asset management opportunity with the ability to rebrand. The property is freehold and offers significant scope for further development.
The hotel is located in a central location in the heart of Edinburgh in close proximity to transport hubs and the Edinburgh International Conference Centre. It has a bar and restaurant, five meeting and events spaces together with extensive car parking to the rear.
Edinburgh is one of Europe’s most sought after hotel markets, with strong demand from the leisure and corporate tourism markets. In 20015, hotels in Edinburgh outperformed Regional UK with occupancy reaching 81.5%. Average rates increased 1.8% to £88, resulting in RevPAR of £72, 40% above the Regional UK average.The hotel is currently owned by a joint venture between a syndicate of private investors and Whitbread.
Kerr Young, Director in JLL’s Hotels & Hospitality team, commented: “The Edinburgh City Centre Haymarket Hotel provides an exceptional opportunity for an investor to purchase one of the largest purpose built hotels in one of the UK’s most sought after hotel markets. Recent sales, including the Radisson Blu and the Crowne Plaza, Royal Terrace, demonstrate the level of investment interest in the market. We have already received interest from a variety of market players.”
Simon Hobbs, Estates Director for Premier Inn, said: “There is a strong customer demand for quality, affordable accommodation in Edinburgh – it is therefore an important growth area for us and overall we’re expanding in the city. Our Edinburgh Haymarket site has been a strong part of our portfolio, but, with a considerable pipeline of new sites across the city we are evolving our estate and our strategy in the city. “With our new 190-bedroom hotel being built across the road as part of Interserve’s Haymarket mixed-use development we will retain a strong presence in this fantastic central location. More broadly, over the next year we are looking at a significant net increase in bedroom numbers – introducing 860 new bedrooms across the city in 2016 – bolstering our presence and investment in Edinburgh.”
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Notes to editors:
Whitbread PLC is the owner of the UK’s favourite hotel chain, Premier Inn and the UK’s favourite coffee shop, Costa, as well as restaurant brands, Beefeater, Brewers Fayre, Table Table and Taybarns.
Whitbread PLC employs 48,500 people in over 2,200* outlets across the UK, with its well-loved brands making every day experiences special for over 27 million UK customers every month.Whitbread has outlined growth milestones for 2016, 2018 and 2020. The 2020 milestones are to increase the number of Premier Inn UK rooms to around 85,000 and to achieve global system sales of around £2.5bn for Costa.
At Whitbread we are committed to being a force for good in the communities in which we operate. Our CR programme, 'Good Together' is focused on three pillars of Team & Communities, Customer Wellbeing and Energy & Environment.
In the year ended 26 February 2015, Whitbread PLC reported a 13.7% increase in Group Revenue to £2,608.1 million and Underlying Profit before tax of £488.1 million up 18.5%.
Whitbread PLC is listed on the London Stock Exchange and is a constituent of the FTSE 100. It is also a member of the FTSE4Good Index.
*excludes Costa Franchise stores and Costa Express
About JLL’s Hotels & Hospitality Group
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor in the world, totaling US$51 billion over the last five years. Between negotiating deals, the group’s 340-strong global team also executed 4,600 advisory, valuation and asset management assignments. The firm is recognized as the global leader in real estate services across hospitality properties from luxury, upscale, select service and budget hotels to timeshare and fractional ownership properties, convention centers and mixed-use developments. Investors and owner/operators worldwide turn to JLL to shape their investment strategies and maximize the value of their assets and JLL’s expert advice is backed by industry-leading research. For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.
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