Acting on behalf of Ryan Grant, Lee Causer, Catherine Williamson and Elizabeth MacKay of Alix Partners, the Joint Administrators of Fontenhall (Scotland) Limited, JLL Hotels & Hospitality Group has sold the Crowne Plaza, Royal Terrace, Edinburgh.
The 4-star Crowne Plaza, Royal Terrace, Edinburgh comprises 100 bedrooms, bar, restaurant, three meeting and event spaces, a club lounge, swimming pool, gym and landscaped gardens to the rear.
The hotel was sold to a high net worth investor subject to a franchise agreement with the InterContinental Hotels Group (IHG). Legacy Hotels and Resorts will be retained as the interim management company as part of the transaction.
Kerr Young, Director in JLL’s Hotels & Hospitality Group commented: “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.”