THE Crowne Plaza Hotel on Edinburgh’s Royal Terrace has been acquired by a high net worth investor following a sale process that reflected strong interest in the city’s leisure sector.
JLL Hotels and Hospitality Group, which handled the sale, said more than 150 parties expressed interest in the four star hotel. A variety of buyers were eager to purchase a hotel asset in one of the strongest performing hotel markets in Europe.
Kerr Young, director of JLL Hotels and Hospitality Group, said: “Barriers of entry for new hotels in Edinburgh remain high and we expected the hotel to go from strength to strength under new ownership.”
He noted the price achieved for the 100-bedroom hotel reflected a benchmark yield for a regional hotel asset being sold as a going concern, without giving details. JLL did not disclose the identity of the buyer.
The hotel was put up for sale after its former owner, Prima Hotels, went into administration in May. JLL acted for the administrators AlixPartners.
It has been sold subject to a franchise agreement with the InterContinental Hotels Group. Legacy Hotels and Resorts will be retained as the interim management company as part of the transaction.
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