The Bruntsfield Hotel in Edinburgh has been sold in an off market sale, following the decision of its owners to retire after 40 years.
The 70 bedroom hotel has been bought by Castleforge Partners for an undisclosed sum and is the first investment by the London-based private equity fund for its new hospitality strategy.
Castleforge has appointed Axiom Hospitality to operate the hotel on its behalf.
Property and investment management group JLL advised Queensferry Hotels on the sale of the Best Western Plus hotel on the edge of the Meadows in the south of the capital.
Russell Imrie, managing director at Queensferry Hotels, commented: “While it is sad for the Gwyn family and myself to be moving on from the hotel after 40 years of care and development, it is comforting to know that we are handing over the baton to Castleforge Partners and Axiom Hospitality who have committed to invest in the property.”
Matt Lederer, hotel acquisitions director at Castleforge Partners, said: “Edinburgh remains one of the most sought after hotel markets in Europe, which meets our strategy of investing in best in class opportunities.”
Kerr Young, director of hotels and hospitality at JLL, added: “Despite the obvious challenges that have beset the hospitality industry over the course of the last 14 months there remains significant capital looking for investment opportunities.
“We have received in excess of £2.5bn of offers during 2021 and are in exclusivity or have completed in excess of £300m of UK hotel transactions and we anticipate an increase in transactional activity during the second half of 2021.”
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