A LANDMARK hotel in the Scottish capital has been acquired in an off-market sale.
JLL has advised Queensferry Hotels on the off-market sale of the Best Western Plus Bruntsfield Hotel, Edinburgh.
The 70 bedroom hotel has been acquired by Castleforge Partners and is the first investment by the London based private equity fund for its new hospitality strategy. Castleforge has appointed Axiom Hospitality to operate the hotel on its behalf.
The freehold property was sold for an undisclosed sum by the current owner following the decision to retire after 40 years of ownership.
Russell Imrie, managing director of Queensferry Hotels, said: “While it is sad for the Gwyn family and myself to be moving on from the hotel after 40 years of care and development, it is comforting to know that we are handing over the baton to Castleforge Partners and Axiom Hospitality who have committed to invest in the property to allow it to benefit from the return of the hospitality industry and to take the hotel forward to its future years of continuing success.”
Matt Lederer, hotel acquisitions director, Castleforge Partners, said: “We are delighted to have purchased the Bruntsfield Hotel. Edinburgh remains one of the most sought after hotel markets in Europe which meets our strategy of investing in best in class opportunities. We are looking forward to investing in the property and working with Axiom to unlock the potential the the hotel offers.”
Kerr Young, director, hotels and hospitality, JLL, said, “Despite the obvious challenges that have beset the hospitality industry over the course of the last 14 months there remains significant capital looking for investment opportunities. We have received in excess of £2.5 billion of offers during 2021 and are in exclusivity or have completed on in excess of £300 million of UK Hotel Transactions and we anticipate an increase in transactional activity during the second half of 2021.”
Brodies advised the Vendor, CMS advised the Purchaser.
Stuart Patrick: Should we give more cash to firms facing new Covid restrictions?
OPINION: Who would want to run a hospitality business? With better times snatched away again in Glasgow late on Friday and hints from National Clinical Director Jason Leitch that it would be over-optimistic to assume only one further week’s delay to fuller re-opening, the hospitality industry just keeps getting kicked in the teeth.
COP26 Glasgow: Arnold Schwarzenegger says he 'cannot wait'
Arnold Schwarzenegger has confirmed he will attend the UN climate conference in Glasgow later this year.
Sign up
You can now have the new enhanced Business Briefing with the top business news stories sent direct to your email inbox, and Business Week for the weekly round-up on Sunday, by clicking below:
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here