THE Holiday Inn Express in Edinburgh city centre has been bought out of administration in a £17.7 million deal.

The agreement sees International Hotel Properties acquire the 161-bedroom hotel from administrators at FRP Advisory to European Development Company.

Iain Fraser and Tom MacLennan, partners at FRP Advisory, were appointed joint administrators to EDC, owner of the Edinburgh hotel, together with a Holiday Inn and a Holiday Inn Express in Aberdeen, and continued to trade while seeking buyers.

The administrators will shortly be marketing the two further hotels for sale.