FRP Advisory secures sale of Edinburgh Holiday Inn Express

FRP Advisory, administrators of European Development Company, have sold the Holiday Inn Express Edinburgh City Centre on behalf of its client to International Hotel Properties Limited (“IHL”) in a £17.7 million deal.

FRP partners Iain Fraser and Tom MacLennan, partners at FRP Advisory, were appointed joint administrators to EDC in November last year.

Following the recent sale, EDC still owns a Holiday Inn and a Holiday Inn Express in Aberdeen which it has continued to trade as hotels as normal while seeking buyers.

Iain Fraser, partner with FRP Advisory and joint administrator of EDC, said: “We are delighted to have secured the sale of the Edinburgh Holiday Inn Express to International Hotel Properties Limited (“IHL”), and wish the company every success with the addition of this busy hotel to their portfolio. The deal secures the future of an important hotel in the Edinburgh hospitality market.

“We are continuing to operate the two hotels in Aberdeen (Holiday Inn in Westhill and Holiday Inn Express on Chapel Street), and will shortly be marketing these businesses for sale. Trade has been firm over the festive period and the administration of EDC represents a rare opportunity to acquire quality hotels in Aberdeen in busy locations. We would therefore encourage interested parties to contact the Aberdeen office of FRP Advisory as soon as possible.”

The deal adds a further 161 hotel bedrooms and takes IHL’s portfolio to nine hotels with a total of 1,135 bedrooms.