REDEFINE BUYS EDINBURGH DOUBLETREE

Redefine International has purchased the DoubleTree by Hilton Hotel Edinburgh City Centre, in Scotland, for £25.27 million. The five-storey, 138-room hotel is to be let to Redefine Hotel Management Ltd. The sale, which also includes the separate heritable title of the Chanter public house in the building’s ground and basement floors, represents a net initial yield of 6.9%. Commenting on the deal, Redefine International’s chief executive officer, Mike Watters, said, “The transaction was structured on a conditional basis subject to a no vote in the Scottish referendum. Now that the uncertainty surrounding this has been removed we are very pleased to have secured this opportunistic investment…”

Back