Since its opening in 2016, the 248-room development has been occupied by two hotel formats − a Premier Inn with 127 rooms and a Hub by Premier Inn with 121 rooms. The vendor is MAS Real Estate and the purchase price is approximately €43.4m.
We are delighted to be adding two Premier Inn hotels to our holdings, particularly as both formats have already proven effective at the location...Andreas Locher, Head of Investment Management Hospitality, Union Investment Real Estate
The acquired hotel properties are located on Edinburgh’s East Market Street in the immediate vicinity of the main railway station and the famous Royal Mile, the city’s biggest tourist draw. The property is part of the New Waverley redevelopment project, which is largely complete and will be finalised by 2021.
This redevelopment project involves transforming a former railway site into a modern, urban district encompassing varying uses. The hotel property consists of three separate buildings: two five-storey units are used for the two hotels, while an Indian restaurant occupies a further two-storey building...