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Edinburgh hotel changes hands

Queen Street hotel in £10m deal

travelodge-edinburghA hotel in Edinburgh has been acquired by Knight Frank Investment Management for £10 million.

It has bought the Travelodge at 30/31 Queen Street on behalf of its Long Income Property Unit Trust.

Neil Wotherspoon, technical partner at Tuffin Ferraby Taylor which advised KFIM on the deal, said: “This deal demonstrates yet further confidence in Edinburgh’s ever-popular hotels sector.

“Our ability to deploy quickly and offer rigorous support enabled the client to complete the transaction only days after we were instructed.”

The Queen Street property retains its original Georgian façade on one of the city’s main thoroughfares.

Travelodge is the biggest hotels operator in Edinburgh. It only recently opened the Queen St facility.

It has also been offloading hotels, including Shandwick Place, which was bought by industry newcomer Sleeperz, while the Belford Road venue in the city’s west end was taken over by a new operator.

Two hotels, in Ayr and Kilmarnock, were taken on by individual franchisees but operated and managed by Travelodge.

 

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