Molinaro Koger acts for patio hotels (UK) ltd in the sale of the Patio Hotel

9 September 2008 - Specialist hotel real estate advisor Molinaro Koger (MK) announces that it has sold the 168-room Patio Hotel Aberdeen to Invesco Real Estate for an undisclosed sum.  MK was the exclusive agent for the sale on behalf of Patio Hotels (UK) Ltd.  The hotel is to be converted into the Doubletree by Hilton Aberdeen city and will be franchised under Hilton License by Patio Hotels (UK) Ltd,  becoming Hilton’s second Doubletree-branded property in the UK.

“As a market leader, The Patio Hotel is an exceptional opportunity for an investor to acquire an outstanding asset and to add an internationally-recognised brand,” says MK’s Mark Blick.

Situated overlooking the North Sea, The Patio Hotel Aberdeen has two bars, two restaurants, an exclusive Platinum club that offers the highest levels of service and facilities, all within the grounds of the hotel, extensive conference and banqueting facilities with eight rooms and one of the largest health and fitness clubs in the Aberdeen hotel market.

Despite indications of a tougher market and the hesitancy of owners looking to buy or sell assets, Aberdeen’s hotel market is thriving.  A robust economy and diverse demand generators have led to a number of new hotel projects in the pipeline, including the 60-room Malmaison Aberdeen Hotel; a 181-room Courtyard by Marriott near Aberdeen Airport and the 184-room Park Inn due to open in 2009.

As a result of the strong oil and gas industry the Aberdeen hotel market benefits from continual year-round accommodation demand.  In 2007 RevPAR had increased year-over-year by 15.9 per cent, achieving £77.29, compared to Glasgow at £63.06; evidence of an extremely buoyant market.         

Tourism is also an important part of the city’s economy, generating around seven million bed nights in 2007.  International tourism has been aided by the growth of Aberdeen International Airport – one of the fastest growing in the UK.  A proposed £20 million investment programme will bring the possibility of direct flights to the United States and the Caribbean.

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