Royal Garden Apartments acquired by luxury aparthotel operator

6 November 2009

Acting on behalf of Mark Reuben, Christie + Co has sold the leasehold interest of the Royal Garden Apartments in the centre of Edinburgh, to Blue Rainbow Apartments, the privately-owned, Manchester-based aparthotel company, for an undisclosed sum.

Royal Garden Apartments comprises 30 luxury serviced apartments and is situated in the New Town area of Edinburgh close to St Andrews Square. Over the past 10 years it has seen substantial increase in business and despite the recent upheavals in the financial market it is still very much in demand.

There are 15 one-bed apartments, 13 two-bed and two Penthouse apartments featuring roof top balconies with views over the River Forth. The apartments are furnished to a high standard and popular with both the corporate market as well as tourists visiting Edinburgh.

Mark Reuben has sold Royal Garden Appointments, which he also managed, in order to concentrate on other business opportunities within the UK.

New owners Blue Rainbow Apartments operate the luxury Blue Rainbow Aparthotel in Manchester, which is situated in its own 9 floor, 80-apartment building in the city’s Deansgate area and features 80 one and two-bedroom serviced apartments. The company is currently looking to expand throughout the UK.

Will Hannah, Managing Director of Blue Rainbow Apartments Ltd, commented: “The acquisition of Royal Garden Apartments in Edinburgh is an excellent opportunity given its location in the city centre. We are planning to upgrade the apartments to a 5-Star standard which we believe the property deserves.”

Ken Sims, Director, who handled the sale from Christie + Co’s Edinburgh office, said: “It is not often that quality businesses such as the Royal Garden Apartments come on the market. The business being sold leasehold attracted significant interest with a number of offers being received. This shows that there is still considerable interest from both serviced operators as well as private operators looking for suitable opportunities in the city.”

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For further information on this press release, please contact: Mark Wingett at Christie + Co. Tel: 020 7227 0794. mark.wingett@christie.com