Hetherley and Stellar snap up Holiday Inn Express Strathclyde
Hetherley Capital Partners and Stellar Asset Management have bought the Holiday Inn Express Strathclyde off a guide price of £5.5m.
Originally opened in 1996, the 120-bedroom hotel was the first Holiday Inn Express-branded hotel to open in Europe.
The hotel will continue to operate under the Holiday Inn Express brand under franchise from InterContinental Hotels Group and will be managed by a subsidiary of Hetherley, Hetherley Hotel Management (2HM).
At the end of the summer, it will undergo a comprehensive £1.5m refurbishment to upgrade all areas of the hotel to the Holiday Inn Express Gen4 brand standards.
Charles Scudamore, principal of Hetherley Capital Partners, said: "As well as bolstering our investment portfolio, this acquisition represents another important step for the continued growth of Hetherley and the development of our hotel management capability, 2HM."
Jonathan Gain, chief executive of Stellar Asset Management, added: "We are obviously delighted to have acquired another strong trading asset in such a good location. The hotel sector is an exciting space for us and one that offers our investors both yield and strong capital growth potential."
Hetherley owns eight hotels in the UK and Ireland including Holiday Inn Express properties in Dundee, Leeds and Folkestone in Kent, as well as Murrayshall House hotel in Scone, Perthshire, and an Ibis-branded property in Coventry.
