Falling oil prices affect hotel development in Aberdeen
Property Specialists Simon Thomas and Arron Kendall have been appointed Administrators over Rosenewton Ltd, a developer based in Aberdeen.
The company was hoping to develop a large plot of land adjacent to Aberdeen Airport into a 133 bedroom hotel but despite receiving planning permission suffered a setback as a result of the World Oil price collapse.
Simon Thomas Joint Administrator “The drop in oil prices has meant that Aberdeen has suffered, many of the leading hotels have had to reduce prices as oil companies lay off thousands of employees and occupancy levels fall to the lowest on record. In addition house prices have slumped another tell tale sign that the city is under strain. Businesses in Aberdeen will have to work hard to ride out this crisis, it is likely that the city will recover but at the moment it is uncertain just how long this will take.”
Moorfields are currently reviewing a strategy to maximise the site value.
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