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The four-star, 199-bedroom hotel in Edinburgh’s Charlotte Square has been sold in the largest single asset hospitality transaction in the city since 2007.
The Roxburghe, which is owner-operated under an IHG franchise as part of the Crowne Plaza Group of hotels, has been sold to US-based management firm Starwood Capitals.
The exact sum for the sale remain undisclosed.
The sale of the hotel was handled by JLL’S Hotel and Hospitality Group in Scotland and London.
Keith McBain, Director, JLL said that it was a “landmark deal” for the Edinburgh and Scottish market.
He added said: “The hotel, which has 199 rooms, has seen continual investment to improve the facilities for visitors since it was purchased in the late 1990s and we expect the new owners to continue that trend.”
George Nicholas, executive vice president of JLL, said: “We see this interest in Scotland as an increasing trend, with money from domestic and overseas sources – particularly North America, China and elsewhere in the Far East.
“There is real appreciation of the added value, compared with London, and Edinburgh along with a few Scottish cities are best placed to benefit from that sentiment.”
The Roxburghe is situated within a Georgian property, which dates back to 1791, and has expanded into adjoining properties in recent years. Starwood Capital’s global real estate portfolio includes more than 2,200 hotels.
