THE Crowne Plaza Hotel Royal Terrace in Edinburgh has been bought by an acquisitive investment company in a sign the hospitality sector is rebounding from the pandemic.
London property investment firm Castleforge Partners has acquired the 97-bedroom hotel for an undisclosed sum. It is the third major hotel investment made by Castleforge this year, following deals to acquire the Bruntsfield Hotel in Edinburgh in May, and the Hilton Hotel in June.
Castleforge has appointed Axiom Hospitality to manage all three hotels.
Matt Lederer, hotel acquisitions Director for Castleforge Partners, said: “We are thrilled to add the Crowne Plaza to our portfolio of hotels. It is in a prime location in one of the most exciting areas of Edinburgh and we are looking forward to working with Axiom and IHG Hotels & Resorts to bring the best out of this hotel for guests, staff, and investors alike.
“Now is a particularly exciting time to be investing in hotels as the tourism industry shows signs of recovery from the pandemic and we will continue to seek exciting investment opportunities in this space.”
Alex Pritchard, co-chief executive of Axiom Hospitality, said: “We are pleased to be working with Castleforge once again on their latest hotel acquisition, particularly in Edinburgh as it is known for having some of the most sought-after hotels in the world.
“We are looking forward to repositioning the hotel, making it an exciting place to work, and welcoming guests from across the UK and abroad.”
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