Redefine International has purchased the Doubletree by Hilton hotel in Edinburgh city centre for £25.2 mln (€32 mln), representing a net initial yield of 6.7%.

Redefine International has purchased the Doubletree by Hilton hotel in Edinburgh city centre for £25.2 mln (€32 mln), representing a net initial yield of 6.7%.

The acquisition will initially be funded by existing cash resources, but it is anticipated that the hotel will be held by Redefine's majority owned subsidiary Redefine Hotel Holdings. The hotel will be let to Redefine Hotel Management, a wholly-owned subsidiary of Redefine BDL Hotel Group, in which Redefine International has a 25.28% stake.

The Doubletree by Hilton hotel provides 138 bedrooms which have recently been refurbished to provide high-quality flexible accommodation to appeal to both business travellers and tourists. The five-storey hotel has extensive food and beverage provision, meeting rooms and a small fitness centre. The acquisition also includes The Chanter public house, located on the ground and basement floors of the property.

Howard Gill, partner at Pinsent Masons who advised Redefine International on the deal, said: 'The Doubletree by Hilton in Edinburgh is a well-located hotel that not only complements Redefine’s existing portfolio but is also suited to Redefine BDL’s management skills. Edinburgh is a leading international city, attracting many business travellers and tourists, for whom the Doubletree by Hilton is an attractive place to stay.'