Doubletree by Hilton Hotel in Dundee bought by overseas investor
Christie Finance, the specialist commercial finance broker, has successfully arranged a funding package for its client 7 Hospitality (UK) Ltd assisting them in the acquisition of the well known DoubleTree by Hilton Hotel in Dundee.
The 95 bed hotel is subject to a franchise agreement with Hilton Worldwide Inc under their DoubleTree by Hilton Brand – set in eight acres the hotel offers four star accommodation, good quality food and beverage options, spa facilities as well as conference and meeting space.
7 Hospitality (UK) Ltd is represented by Singapore based Mr Mohan Mulani - Mr Mulani is successful businessman and well known in Singapore – he is experienced in the Hotel/Hospitality sector and previously owned the famous ‘Harrys Bar’ in Singapore – he expanded ‘Harry’s into a chain of 27 food and beverage venues employing 400 people until selling to a private equity fund in 2013.
After viewing numerous hotels across the UK, Mr Mulani identified the DoubleTree as an ideal opportunity for the companies first acquisition.
Richard Ellison the hotel’s current General Manager will remain and work alongside Mohan - Richard has been the General Manager since 2010 and comes with an impressive pedigree including previous senior roles at The Old Course Hotel St Andrews and Gleneagles.
The DoubleTree has won various awards over the years, including Scottish Brand Hotel of the Year 2014, Best International Hilton under 225 rooms, North East City Hotel of the Year 2016 and North East Family Hotel of the Year 2016 - in addition, the hotel also sits within Hiltons top 20 international hotels for Satisfaction and Loyalty Tracking (SALT)
Craig Dickson, Director at Christie Finance, commented: "We are delighted to have secured the funding to enable our clients to progress with the acquisition of the hotel. We are seeing more and more overseas hotel operators/investors now looking outside of London – with the ongoing waterfront development, which will include the V&A Museum of Design the Dundee hotel market is well placed to take advantage of the expected increase in tourists."