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Administrators put three Holiday Inn hotels up for sale

Three Scottish Holiday Inn hotels have been put up for sale after the collapse of their Aberdeen-based owners.

FRP Advisory were appointed as administrators after the European Development Company (EDC) ran into financial difficulties.

Two of the hotels for sale are in the Aberdeen area – a Holiday Inn Express on Chapel Street and a Holiday Inn in Westhill.

The third is a Holiday Inn Express in Picardy Place, Edinburgh.

FRP said they would trade as normal during the marketing process.

They added that there were no immediate plans for redundancies.

Nearly 120 of the 136 staff affected are based at the Aberdeen hotels.

In a statement, FRP Advisory said occupancy levels at the hotels had been high, but EDC had suffered “severe cash flow problems” as a result of the downturn in the oil and gas sector.

They also cited intense price competition from new build hotels in the Aberdeen market.

Rare opportunity

Joint administrator Iain Fraser said: “The administration presents a rare opportunity to acquire quality hotels with an established trade and reputation in their local markets.

“The hotels could appeal to an existing hotel operator looking to expand their business, or an entrepreneur keen to enter the hospitality market by acquiring quality properties in prime locations.

“I am pleased to say that we are in advanced discussions for the sale of the Edinburgh hotel, and would urge interested parties to contact us as soon as possible with respect to the Aberdeen properties.”

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