Patrizia has invested around £25 million (€29 million) in the Malmaison hotel in Edinburgh city centre on behalf of one of its UK institutional clients.
The 72-bed boutique hotel is in a prime location on St Andrew’s Square close to Edinburgh Castle, St James Quarter and the Royal Mile.
The fund manager said the hotel benefits from an “attractive inflation-linked long income profile”, with a 30-year lease with one of the UK’s leading boutique hotel groups. The asset has the third highest Average Daily Date (ADR) in Malmaison’s 17-property portfolio and is expected to reach 85-90% occupancy this year, Patrizia added.
Source: realassets.ipe.com on the 22nd of May, 2024
https://realassets.ipe.com/news/patrizia-acquires-25m-malmaison-hotel-in-edinburgh-for-uk-client/10073407.article