A TOP city hotel has been put up for sale following the collapse of its parent company.
The four-star Crowne Plaza hotel in Royal Terrace, in the shadow of Calton Hill, boasts a club lounge, swimming pool and gym – plus landscaped gardens and 100 bedrooms.
The luxury hotel was one of five others that entered into administration when Prima Hotel Group collapsed in May following what was believed to be a failure to meet its debt commitments.
Now the sprawling property has been put on the market by joint administrators at AlixPartners, with JLL Hotels and Hospitality Group appointed to complete the sale.
JLL said the hotel offered “an exceptional location within easy walking distance of the retail and commercial heart of Edinburgh” with an “array of excellent local shops, bars and restaurants” close at hand.
As well as gardens and a pool, the Crowne Plaza also includes a bar and restaurant alongside three meeting and event spaces.
The hotel is available subject to a franchise agreement with IHG Hotels Limited, or on its own subject to negotiation.
Kerr Young, director of JLL, said the sale presented buyers with a chance to enter into “one of the UK’s most sought after hotel markets”.
He said: “Edinburgh is the strongest performing hotel market in the UK after London and one of the best performing hotel markets in Europe. The Crowne Plaza provides an opportunity for an investor to extract value through active asset management, leveraging in-house expertise or an experienced third-party operator, in one of the UK’s most sought after hotel markets”.
He added: “Having successfully sold the Crowne Plaza Roxburghe Hotel in 2014, we are confident that the hotel will attract interest from a variety of owners and operators from the UK as well as further afield.”
Other Prima Hotel Group properties to enter administration earlier this year included the Nunsmere Hall Hotel in Chester, the Stanneylands hotel near Manchester Airport in Cheshire, the Quorn Country Hotel in Leicestershire, and Hellaby Hall Hotel in Rotherham.
Tourism experts said it was crucial Edinburgh retained a “good mix” of quality hotels.
Robin Worsnop, chair of the Edinburgh Tourism Action Group (ETAG), said offering choice was a vital part of maintaining Edinburgh’s position as a top European capital city.
He said: “It’s very important for Edinburgh to have a mix of supply for different customers – and valuable, boutique and high-end hotels are an important part of that.”
Marc Crothall, chief executive of the Scottish Tourism Alliance, added: “It’s important for any major city to have the right blend of hotel and accommodation offering.
“Edinburgh already has a good mix of quality hotels and it’s a case of ensuring that every hotel is operating at the top end of its star rating – quality being such an important focus and a fundamental part of Edinburgh and Scottish tourism’s strategy.”