Stellar is pleased to announce the successful acquisition of the Holiday Inn Express Strathclyde on behalf of its ESP Growth Portfolio Service investors.
Originally opened in 1996, the 120-bedroom hotel was the first Holiday Inn Express-branded hotel to open in Europe.
The hotel will continue to operate under the Holiday Inn Express brand under franchise from InterContinental Hotels Group and will be managed in conjunction with Stellar’s joint venture partner Hetherley Hotel Management.
At the end of the summer, it will undergo a comprehensive £1.5m refurbishment to upgrade all areas of the hotel to the Holiday Inn Express Gen4 brand standards.
Jonathan Gain, Chief Executive of Stellar Asset Management, added: “We are obviously delighted to have acquired another strong trading asset in such a good location. The hotel sector is an exciting space for us and one that offers our investors both yield and strong capital growth potential.”
This is the seventh hotel Stellar has added to its holdings, including Holiday Inn Express properties in Dundee and Folkestone, in addition to the independent Murrayshall Country House Hotel in Perthshire and The Marine Hotel in Troon.