22 Sep 2014 | 03:13 pm |
Redefine International, advised by leading international law firm Pinsent Masons, has purchased the Doubletree by Hilton hotel in Edinburgh city centre for £25.2 million, representing a net initial yield of 6.7%.
The hotel provides 138 bedrooms which have recently been extensively refurbished to provide high-quality flexible accommodation appealing to both business travellers and tourists. The five-storey hotel has extensive food and beverage provision, meeting rooms and a small fitness centre. The acquisition also includes The Chanter public house, located on the ground and basement floors of the property.
The acquisition will initially be funded by existing cash resources, but it is anticipated that the hotel will be housed in its 71.05%-held subsidiary Redefine Hotel Holdings Ltd. The hotel will be let to Redefine Hotel Management Ltd, a wholly-owned subsidiary of Redefine BDL Hotel Group Ltd, in which Redefine International has a 25.28% stake.
Howard Gill, partner at Pinsent Masons who advised Redefine International on the deal, said: “The Doubletree by Hilton in Edinburgh is a well-located hotel that not only complements Redefine’s existing portfolio but is also suited to Redefine BDL’s management skills. Edinburgh is a leading international city, attracting many business travellers and tourists, for whom the Doubletree by Hilton is an attractive place to stay.”
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Multinational law firm Pinsent Masons has advised International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, on its landmark investment of €25 million in Groupe EDK, Senegal’s foremost retail and large-scale distribution operator.
International law firm Pinsent Masons has today announced that it has bolstered its litigation and arbitration team with the hire of Jessica Wicker from Close Brothers Group PLC (Close Brothers).
Multinational law firm Pinsent Masons has advised CSG Chemical Solutions (CSG) on their acquisition of Cork-based Celtic Water Care Solutions Limited (Celtic Water Care).
Multinational law firm Pinsent Masons has advised International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, on its landmark investment of €25 million in Groupe EDK, Senegal’s foremost retail and large-scale distribution operator.
International law firm Pinsent Masons has today announced that it has bolstered its litigation and arbitration team with the hire of Jessica Wicker from Close Brothers Group PLC (Close Brothers).
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