City properties in portfolio sale | Scottish Licensed Trade News

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City properties in portfolio sale

Radisson Blu Hotel and The Quay come onto the market

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• The Radisson Blu in Edinburgh has 238 bedrooms.

THE Radisson Blu Hotel in Edinburgh and The Quay Leisure Park in Glasgow have been put up for sale.

Property agents CBRE and JLL have been appointed to sell the two properties, along with the Park Inn by Radisson in Manchester.
The three properties have a combined asking price of £132.3 million, but are also available individually.
The Radisson Blu on Edinburgh’s Royal Mile, which is let to Rezidor, has 238 bedrooms plus a restaurant, bar, conference rooms and leisure facilities; it also includes a youth hostel, retail unit, and a development site. This lot has a guide price of £59 million.
Glasgow’s Quay Leisure Park, meanwhile, which has a guide price of £53m, comprises 13 leisure units and an Ibis hotel; tenants include Odeon Cinemas, The Original Bowling Company, Alea Casino and Mecca Bingo; the park has a guide price of £53.3 million.
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 key UK cities.”
Paul Collins, of CBRE Hotels, commented: “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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