Property firm JLL has been tasked with finding a buyer for the four-star Crowne Plaza hotel on Edinburgh’s Royal Terrace after the venue fell into administration earlier this year.
The 100-bedroom hotel has been put on the market by joint administrators at turnaround specialist AlixPartners following the collapse of operator Prima Hotel Group in May.
Kerr Young, director of JLL’s hotels and hospitality group, 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”.
JLL last year sold the four-star Roxburghe Hotel on Charlotte Square to US property group Starwood Capital in what was said to be the biggest deal of its kind in the city since 2007.
The Royal Terrace site, which includes meeting spaces, pool and gym, is available subject to a franchise agreement with hotels giant InterContinental, or with vacant possession subject to negotiation.
A study last week from accountant BDO found room revenues in Edinburgh were the highest in the UK outside London at £86.34 in June.