Festival Inns places non-core assets on the market
Festival Inns, the Edinburgh-based hotel and bar operator, has placed a number of its assets on the market after deciding to focus exclusively on its major managed outlets.
The company has grown via acquisition since its launch in 1997 and now has seven hotels and 13 bars in its estate.
After conducting a strategic review, it has placed a number of Edinburgh assets including the Hudson Hotel, Biblo's Bar, the Jazz Bar and Day Nurseries on the market through property agent Jones Lang LaSalle.
Alan Creevy, executive vice-president at Jones Lang LaSalle, said: "Festival Inns has acquired and developed many properties over the past decade. Its estate now includes smaller hotels, smaller bars, investment properties and residential properties which are now non-core to the estate, which is focusing exclusively on its major managed outlets in Edinburgh."
Creevy said it was a good time to sell as, with interest rates at an all time low, property investments are now in greater demand because of the potential of good returns. He added that managed businesses, with existing experienced owners, are in particular demand.
"Quite simply, we believe the market feels there is better value for money to be gained from acquiring a good quality business than simply leaving cash in a very low earning or nil earning] account and Festival feels the time is right for a disposal of assets which are now non-core to the estate," Creevy added.
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By Daniel Thomas
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