Town House Collection sells two Edinburgh hotels

05 January 2011 by
Town House Collection sells two Edinburgh hotels

The Town House Collection is looking to develop larger hotels, as well as concentrate on its new five-star, 100-bedroom Blythswood Square hotel in Glasgow, after selling two of its Edinburgh properties.

The company has offloaded the five-star, 18-bedroom Howard (pictured below) and the four-red-star, 41-bedroom Channings hotel (pictured above) in the Scottish capital to Palm Holdings, which already owns the city's three-star, 85-bedroom Old Waverley hotel and the Holyrood Aparthotel. However, it still owns the four star, 48-bedroom Bonham in Edinburgh.

While the purchase price of both hotels was not disclosed, the asking price for Channings was £5.5m and £3.5 for the Howard.

Peter Taylor, chairman of the Town House Collection, said: "In a way it was sad to put The Howard and Channings up for sale, but we had found that smaller hotels just did not offer us the same economies of scale. The focus for us now is very much on developing the five-star Blythwood Square in Glasgow and seeking out further larger hotel opportunities to expand."

Blythswood Square opened in November 2009 as one of Scotland's most environmentally friendly hotels, at a cost of £25m.

Ricky Kapoor, commercial director of Europoint, a subsidiary of Palm Holdings, said the company now intends to undertake a refurbishment programme and promote all its hotels under the banner of The Edinburgh Collection.

"This acquisition now creates a wonderful collection of unique properties to meet the needs of every type of visitor to Edinburgh," he said.

The sale was handed by Colliers International.

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By Janet Harmer

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