Edinburgh, Fife & East Scotland

Four-star hotel Radisson Blu Hotel up for sale for £59m

Radisson Blu Hotel, Edinburgh Image copyright Radisson Blu
Image caption Radisson Blu Hotel on the Royal Mile has 238 bedrooms, a restaurant, bar and conference rooms

A four-star hotel in Edinburgh has been put on the market with an asking price of £59m.

Radisson Blu Hotel on the Royal Mile has 238 bedrooms, a restaurant, bar, conference rooms and leisure facilities.

The Park Inn by Radisson in Manchester and The Quay Leisure Park in Glasgow have also both been put up for sale.

The properties are on the market with a combined asking price of £132.3m, but they can be bought individually.

The Quay Leisure Park, Glasgow has 13 leisure units and an Ibis hotel on a site area of about 15.9 acres at an asking price of £53.3m.

Anchor tenants at the park include Odeon Cinemas, The Original Bowling Company, ALEA Casino and Mecca Bingo.

The Park Inn by Radisson, Manchester has 252 bedrooms, a restaurant, bar, conference rooms and leisure facilities and has an asking price of £20m.

CBRE and JLL have been appointed to sell the properties.

Kerr Young, director of hotels and hospitality for JLL, said: "This portfolio gives investors the opportunity to acquire not only a secure income stream with great covenant strength, but also prime real estate in two key UK cities."

Paul Collins of CBRE Hotels said: "We are seeing substantial trading growth in the Edinburgh and Manchester hotel markets and this will enhance the future rental income for the buyer of these rarely available hotels which are on performance leases."

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