London-based property investment firm Castleforge Partners has acquired the Crowne Plaza Royal Terrace in Edinburgh.
The 97-room hotel, located nearby to the newly re-developed St James Centre, will undergo a full refurbishment before being re-launched in March 2022.
This is the third hotel investment Castleforge has made this year, following the acquisition of the Bruntsfield Hotel in Edinburgh in May, shortly followed by the purchase of the Hilton Hotel in Cardiff in June.
Castleforge has appointed Axiom Hospitality to manage all three assets.
Since its inception in 2010, Castleforge has invested approximately £1bn, with a switch last year to expanding in the hospitality sector, with the appointment of Matt Lederer from Marriott International as its hotel acquisitions director.
Lederer 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.”
Property investment group JLL advised on the deal; the value of which has been undisclosed.
Kerr Young, director at JLL, added: “This is the fourth hotel transaction JLL has brokered in Edinburgh during 2021 and is yet further evidence on the long-term confidence investors have in the sector.”
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