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The Waldorf Astoria Caledonian in Edinburgh has been sold to an offshore investor in the largest single asset hotel to trade in the regional UK market over the past 12 months.
The sum for the recently refurbished, 254-room hotel, whilst undisclosed is also the largest sale in Scotland since the £150m sale of the five-star Gleneagles Hotel in 2015.
The Caledonian Hotel, known as ‘The Caley’ amongst locals, opened its doors in 1903, and was originally constructed by the Caledonian Railway Company as part of the Edinburgh Princes Street Railway station.
Real estate advisers JLL and HVS Hodges Ward Elliott jointly advised on the sale.
Will Duffey, co-head european transactions for JLL’s Hotels & Hospitality Group, said: “The hotel has long been seen as a jewel in the crown of the UK hotel market. Our client’s recent refurbishment programme repositioned the hotel to its former glory when it reopened as the first Waldorf Astoria in the UK in 2012.
“We are delighted to have advised on this irreplaceable trophy hotel overlooking Edinburgh Castle to an investor who will preserve and protect this most important of assets for generations to come”.
Kerr Young, director of JLL’s Hotels & Hospitality Group, added: “Edinburgh continues to be one of the best performing and most sought after European hotel markets by both domestic and overseas buyers.
“The sale of The Caley follows the recent sales during 2017 of The Scotsman and The Bonham as well a number of other hotels in the Scottish Capital. This sale marks the largest hotel transaction in Scotland since the sale of Gleneagles in 2015. Over the last 12 months JLL have transacted more than £150m of hotels in Edinburgh.”
