The four-star hotel, The Roxburghe located in the heart of Edinburgh, has been sold in the largest single asset hospitality transaction in the city since 2007.
The 199-bedroom hotel, which is owner operated under an IHG franchise as part of the Crowne Plaza group of hotels, has been sold to US-based investment management firm, Starwood Capital, whose portfolio includes more than 2,200 hotels.
Keith McBain, director, JLL, described the purchase as a “landmark deal for the Edinburgh and Scottish market, underlining its status as a hugely attractive destination for investors.”
George Nicholas, executive vice president, JLL, said: “We see this interest in Scotland as an increasing trend, with money from domestic and overseas sources – particularly North America, China and elsewhere in the Far East. There is real appreciation of the added value, compared with London, and Edinburgh along with a few other Scottish cities, are best placed to benefit from that sentiment.”
A major refurbishment was undertaken at The Roxburghe in 2013, which marked the introduction of an Intercontinental Hotel Group franchise and saw the hotel rebranded as Crowne Plaza Edinburgh – The Roxburghe.