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News Release


JLL instructed to sell Edinburgh City Centre Haymarket Hotel

Hotel is one of the capital's largest hotels

EDINBURGH, 7 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."