Hotel on one of Edinburgh's grandest streets to undergo full refurb following takeover
A hotel on one of Edinburgh’s grandest streets is to undergo a major overhaul after being acquired by a London-based property investment firm.
Castleforge Partners has snapped up the Crowne Plaza hotel on Royal Terrace, noting that the establishment was located close to the new £1 billion St James Quarter development.
Property and investment management group JLL advised on the deal, the value of which has not been disclosed.
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.
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“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.”
It is the third hotel investment Castleforge has made this year. In May, the firm announced the acquisition of the Bruntsfield Hotel in Edinburgh, shortly followed by the purchase of the Hilton Hotel in Cardiff in June.
Alex Pritchard, co-chief executive of Axiom Hospitality, added: “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.”