BAA Lynton, on behalf of The Airport Hotels Partnership, has sold the long leasehold interest of the Hilton Edinburgh airport hotel to an overseas investor for £8m.
The sale reflects a sub 5% yield.
The 150-bedroom four-star hotel is located directly adjacent to Edinburgh International Airport on a site that extends to 7.9 acres with parking for 270 cars.
The hotel is currently let to Stakis Limited, a subsidiary of Hilton Group, at a gross rent of £405,122 pa on a 75-year ground lease expiring in 2069.
John O’Halloran, managing director of BAA Lynton, said: “This is a rare opportunity to secure a hotel ground lease investment where the virtual feuhold provides income directly linked to the turnover of the hotel.”
Jones Lang LaSalle advised The Airport Hotels Partnership while the overseas purchaser, was represented by Atis Real Harrington Bannon in Dublin.
References: EGi News 19/07/05
