Luxury operator Roseate Hotels has expanded into Scotland with the acquisition of a boutique property in Edinburgh's West End.
The group, which has a portfolio of six properties in India and the UK, has acquired The Dunstane Houses for an undisclosed sum off a guide price of £7.5 million. The property was marketed by Savills on behalf of its private owner-operator.
Dating from circa 1851, The Dunstane Houses has 35 guest bedrooms and suites set across two villas. The property includes a bar and restaurant, lounge, garden conservatory and private gardens.
Savills said the sale follows £25m of Edinburgh hotel transactions already traded in 2022, including the sale of Apex Haymarket, Fountain Court Apartments and Travelodge Edinburgh Learmonth.
“The Dunstane Houses is a prime investment opportunity that presented a luxury boutique hotel recognised as one of the finest in Edinburgh with significant potential for ongoing success," said Steven Fyfe, associate director at Savills.
“Edinburgh continues to outperform as a tourist and business destination that maintains a buoyant hotels market and we expect these robust fundamentals to support further transactions. Furthermore, the recent openings of the Gleneagles Townhouse and Virgin Hotel, as well as the upcoming entrants of the W Hotel & Roomzzz at St James Quarter, Red Carnation will bolster the city’s hotels product and broaden the appeal of the city to travellers."
However, he added that wider economic uncertainties and rising interest rates will prove chalenging: "Live sales are generating strong interest, but price the of debt will challenge higher lot sizes."
Within India, Roseate operates The Roseate New Delhi, Roseate House New Delhi and The Roseate Ganges Rishikesh. Its UK presence includes Roseate House London, The Roseate Reading and The Roseate Villa Bath.
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