Billionaire owner of Scotsman Hotel hunting for buyers

The Scotsman Hotel is up for sale. Picture: Ian Rutherford.
The Scotsman Hotel is up for sale. Picture: Ian Rutherford.
3
Have your say

NEW owners are being hunted for one of the Capital’s best-known hotels – three months after it called in liquidators.

The Scotsman Hotel, on North Bridge, appointed experts earlier this year to sort out its finances amid tax issues.

It continued to trade and no jobs have been lost, but property experts at JLL Hotels & Hospitality Group and CBRE Hotels have now been appointed to sell the building.

Last year the hotel, owned by Saudi billionaire Sheikh Mohamed Bin Issa Al Jaber, experienced financial difficulties and sent a letter out to staff informing them of a “challenging trading period”. In March 2015, workers were told their wages may not be paid on time.

Located in the building which used to house the Evening News, the hotel – which has 69 rooms – was opened in 2001 by the newly formed Scotsman Hotel Group.

Company bosses reported a profit of £180,000 the following year, but the financial position worsened and the group – which also had hotels in Leeds and Paris – was bought by JJW in 2006.

Kerr Young, director of hotels for JLL, said: “The hotel has continued to trade while efforts were made to return the company and its trading to its owners.

“Unfortunately this has not yet proved possible.”

DOWNLOAD THE EDINBURGH EVENING NEWS APP ON ITUNES OR GOOGLE PLAY