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.”
Multinational law firm Pinsent Masons has advised Bestinver Infra, FCR, on the acquisition of an interest in N6 (Concession) Holdings Limited and N6 (Operations) Limited from Sacyr Concessions Limited.
Multinational law firm Pinsent Masons has been named the Most Innovative Law Firm in Europe and won the Energy & Security Transition category at this year’s FT Innovative Lawyer Awards.
Multinational law firm Pinsent Masons has been named as a top ten family friendly employer by the national charity for working parents and carers Working Families.
Multinational law firm Pinsent Masons has advised Bestinver Infra, FCR, on the acquisition of an interest in N6 (Concession) Holdings Limited and N6 (Operations) Limited from Sacyr Concessions Limited.
Multinational law firm Pinsent Masons has been named the Most Innovative Law Firm in Europe and won the Energy & Security Transition category at this year’s FT Innovative Lawyer Awards.
Multinational law firm Pinsent Masons has been named as a top ten family friendly employer by the national charity for working parents and carers Working Families.
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