Edinburgh hotel sold for £25m thanks to ‘No' vote

24 September 2014 by
Edinburgh hotel sold for £25m thanks to ‘No' vote

An Edinburgh Double Tree by Hilton hotel has been sold for £25.7m as part of a deal that was conditional on a referendum ‘No' vote.

The five-storey, 138-bedroom hotel in Edinburgh's city centre was bought by property investor Redefine International in a deal that would not have gone through if Scotland had voted for independence.

Mike Watters, chief executive of Redefine, maintained that the decision was influenced by economics rather than politics, according to the BBC.

"The transaction was structured on a conditional basis subject to a ‘No' vote in the Scottish referendum," he said.

"Now that the uncertainty surrounding this has been removed we are very pleased to have secured this opportunistic investment in the city of Edinburgh which complements our existing hotel portfolio."

He added: "We're a public company and uncertainty is not good for investors and shareholders. It's got nothing to do with politics; it is simply about the economics. It was a prudent decision to wait for the referendum to complete."

The hotel will be let to a subsidiary of Redefine BDL Hotel Group Limited, in which Redefine International has a 25% stake.

Scottish hospitality assesses impact of ‘No' vote >>

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