Group buys Hol­i­day Inn in Ed­in­burgh

The Star Early Edition - - NEWS -

IN­TER­NA­TIONAL Ho­tel Prop­er­ties (IHL) said yes­ter­day that it had com­pleted the ac­qui­si­tion of Hol­i­day Inn Ex­press Ed­in­burgh City Cen­tre for €17.7 mil­lion (R257m) plus costs. The ac­qui­si­tion adds a fur­ther 161 bed­rooms and will see IHL boost its port­fo­lio to nine ho­tels. The com­pany said the pur­chase price was set­tled through €9.6m of ex­ist­ing cash re­serves with the bal­ance raised through debt fund­ing with Banco San­tander, which would in­crease the com­pany’s loan-to-value ra­tio to 51 per­cent of its to­tal port­fo­lio. Jon Col­ley, IHL’s chief ex­ec­u­tive, said: “This is a high­qual­ity as­set in the most sta­ble ho­tel mar­ket in the UK, and is an ex­cel­lent ad­di­tion to IHL’s grow­ing port­fo­lio.” IHL shares were un­changed yes­ter­day at R17. – Manyane Manyane

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