A Scottish city centre boutique hotel has been sold by its owner of 20 years to a private investor.

No. 53 Frederick Street, a 14-bedroom hotel in the centre of Edinburgh’s New Town, has been sold by David Tweedie to Damien O'Looney, an expanding private investor who recently bought a nearby property.

Gary Witham of business property adviser Christie & Co, who handled the sale, said: “We were delighted to get this deal over the line and demonstrate there is ongoing buyer demand for high-quality lodging businesses with strong trading fundamentals in central Edinburgh, despite a challenging operating environment. This is especially true where there is the opportunity to grow room count.”

READ MORE: Hopes of end to Brexit under Braverman and Sunak stupidity look misplaced

Christie & Co said Mr Tweedie had “felt the time was right to hand over the reins to a small corporate operator or private investor to continue growing the business”.

READ MORE: Scottish hotel close to world-famous golf course sold by family owners

Mr O’Looney said: “With the holiday market returning towards pre-pandemic levels, we are looking forward to many busy seasons ahead, welcoming guests to our new city centre guest house, which nicely complements our existing guest house around the corner at 45 Queen Street.”