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Scottish hotel development receives boost ahead of sporting year

Category: Scottish Economy — Gary Cain on September 28, 2013

A global property company is reporting that the landscape for new hotel developments in Scotland is improving, fuelled in part by the sporting events taking place in the country in 2014.

Next year sees both the Commonwealth Games and the Ryder Cup come to Scotland.

On a wider scale too, the data collated by Colliers International shows further signs of economic recovery.

According to its data for the year, the hotel sales figures are increasing. With buyers coming from the domestic and international markets, signs are strong. Greater strength is seen with around 50 per cent of sales involving first-time purchasers.

In total, Colliers posted a 28 per cent increase in its year-on-year sales in the last 12 month period.

The property firm has also suggested that the increase in sales will continue through the remaining months of this year, and onwards.

Discussing the figures, the director for Colliers International, Alistair Letham, said:

“We are expecting a continued increase in hotel sales transactions in Scotland for the remainder of 2013, in part spurred on by the likely increase in distressed sales, improved availability of funding and continued acceptance of market realism.”

Recognising that a dose of realism was needed for their financial affairs, many hotels have addressed their financial strategies.

Whether through external funding or boosting cash flow with the likes of invoice discounting, they now represent a more attractive purchase.

This has seen many of them start to make significant profits again too, helping some owners retain control of their businesses rather than sale to third part investors.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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