Extended-stay hotel Residence Inn by Marriott in Edinburgh goes on market
The 107-bed Residence Inn by Marriott in the UK within the Quartermile development of Edinburgh has been put up for sale for £16m.
Opened in 2011, the hotel - which is being marketed by CBRE Hotels - was the first property within Marriott's extended stay brand to open in the UK. It is being sold by QM Hotels, part of the Quartermile Group.
It offers studios and one-bed suites, ranging in size from 25 sq m to 59 sq m, all which are equipped with a kitchen, large bathroom, LCD television and complimentary Wi-Fi. There is a lobby lounge and bar on the ground floor, along with a fitness centre, meeting room and parking facilities.
The Quartermile development, which is expected to be completed in 2018, is located near Princes Street and the University of Edinburgh. It comprises a mix of office accommodation, retail and leisure space and 950 apartments with seven acres of landscaping.
Robert Seabrook, hotels executive director of CBRE, said: "We are delighted to be involved in the sale of this exceptional management encumbered extended stay hotel.
"The Quartermile development is reaching a stage of critical mass, the Residence Inn brand is gaining traction in the UK and Europe, and the UK and Edinburgh hotel markets are accelerating. The confluence of these drivers, coupled with the straightforward operating model and strong asset fundamentals should make this property highly appealing to a broad array of investor groups."
