Novotel Edinburgh Park bought out of administration
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Benson Elliot Capital Management and Algonquin SA have acquired the Novotel Edinburgh Park hotel from administrators KPMG for an undisclosed sum.
The Novotel Edinburgh Park is the 23rd hotel in Algonquin’s portfolio and its first investment in the UK.
The hotel opened in mid-2008, and has 170 rooms, a restaurant and meeting rooms. Accor will continue to manage the hotel, which is located near to Edinburgh Airport.
Barclays Corporate financed the acquisition following previous owner, developers EBH, going into administration.
Senior partner at Benson Elliot, Trish Barrigan, says: “The recession and subsequent property market decline have created the opportunity to buy hotels at meaningful discounts. We’re actively looking at similar opportunities that represent good value today, but where there is also scope to add value through targeted capex spending and proactive management strategies.”
Barclay’s Jonathan Wright described the deal as “an excellent example of a transformative acquisition, returning a well located property back to full operation”.
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