The 282-room Haymarket Hotel was designed by the late Scottish architect, Andrew Doola, who initiated the build in partnership with Whitbread. along with fellow majority shareholders Sandy Orr and Donald MacDonald.
Since then, the hotel has hosted over 2 million guests visiting Scotland’s capital.
Sandy Orr, said: "Donald and I with Pat Findlay on behalf of Andy’s family are pleased to see this large, beautifully designed hotel pass to Leonardo Hotels.
"Expertly operated by Whitbread for over twenty years, we look forward to seeing the hotel continue its significant contribution to Edinburgh’s hospitality sector."
Kerr Young, director in JLL’s Hotels & Hospitality team who oversaw the sale of the property, said: "Edinburgh is a highly sought after location for investors keen to acquire hotel real estate in one of the best performing markets in Europe – this latest transaction demonstrates further evidence of that and we are delighted by the result."