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Iconic building on market

Scotsman Hotel on sale as talks with owner fail

scotsman-hotelThe Scotsman Hotel, housed in the former newspaper group’s offices, is back on the market following failed attempts to sell to it to its former owner.

HM Revenue and Customs filed for a winding up order against the owner in May and Edinburgh Sheriff Court appointed French Duncan as liquidator in June.

Eileen Blackburn, head of business recovery and insolvency at the firm, was hopeful of reaching a deal with the former owner JJW Hotels and Resorts, part of British Virgin Islands based MBI International under whom it fell into administration in 2012.

Saudi businessman Sheikh Mohamed Bin Issa Al Jaber was able to reach a resolution at that time and the hotel’s 150 staff stayed in post.

JLL Hotels & Hospitality Group and CBRE Hotels have now been asked to find a buyer.

Kerr Young, director of hotels and hospitality for JLL, said: “In light of the buoyant nature of the Edinburgh hotel market we are confident that our marketing process will attract credible buyers with a track record in operating high quality hotel assets of this nature.”

Rob Seabrook, director of hotels  for CBRE, said he anticipated strong interest in the hotel.

 

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