London-based property investment firm Castleforge Partners has announced the acquisition of Edinburgh hotel, the Crowne Plaza Royal Terrace.
The 97-bedroom hotel, close to the newly-developed St James Centre, will undergo a full refurbishment before being relaunched in March 2022.
This is the third hotel investment Castleforge has made this year, as the firm continues to strengthen its portfolio in the hospitality sector.
In May, Castleforge announced the acquisition of the Bruntsfield Hotel in Edinburgh, shortly followed by the purchase of the Hilton Hotel in Cardiff in June.
Castleforge has appointed Axiom Hospitality to manage all three assets.
In 2020, the firm signalled its intentions to expand into the hospitality sector with the appointment of Matt Lederer from Marriott International as its hotel acquisitions director.
Matt Lederer, hotel acquisitions director for Castleforge Partners commented: “We are thrilled to add the Crowne Plaza to our portfolio of hotels. It is in a prime location in one of the most exciting areas of Edinburgh and we are looking forward to working with Axiom and IHG Hotels & Resorts to bring the best out of this hotel for guests, staff and investors alike.
“Now is a particularly exciting time to be investing in hotels as the tourism industry shows signs of recovery from the pandemic and we will continue to seek exciting investment opportunities in this space.”