Edinburgh's Crowne Plaza sold to high net worth investor

Edinburgh's Crowne Plaza sold to high net worth investor

The 4-star Crowne Plaza, Royal Terrace, Edinburgh has been sold to a high net worth investor subject to a franchise agreement with the InterContinental Hotels Group (IHG).

The renowned hotel comprises 100 bedrooms, bar, restaurant, three meeting and event spaces, a club lounge, swimming pool, gym and landscaped gardens to the rear.

JLL Hotels and Hospitality Group led the sale on behalf of AlixPartners, the joint administrators of Fontenhall (Scotland) Ltd.

Kerr Young, director of JLL Hotels and Hospitality Group, said: “We received interest from in excess of 150 parties in the Crowne Plaza from a variety of buyers that were eager to purchase a hotel asset in one of the strongest performing hotel market in Europe.

“The price achieved for the hotel reflects a benchmark yield for a regional hotel asset to be sold as a going concern.

“We are delighted to have secured a purchaser which will look to retain both the management team and franchise with IHG.

“Barriers of entry for new hotels in Edinburgh remain high and we expected the hotel to go from strength to strength under new ownership.”

Gatelys acted for the administrators, BDO and Brodies acted for the purchaser.