Major hotel overlooking Edinburgh’s Meadows park changes hands in off-market deal
A 70-bedroom hotel overlooking Edinburgh’s Meadows park has changed hands in an off-market deal.
Property consultancy JLL advised Queensferry Hotels on the sale of the Best Western Plus Bruntsfield Hotel, which has been acquired by Castleforge Partners.
It marks the first investment by the London-based private equity fund for its new hospitality strategy. Castleforge has now appointed Axiom Hospitality to operate the hotel on its behalf.
The freehold property was sold for an undisclosed sum by the current owner following the decision to retire after 40 years of ownership.
Russell Imrie, managing director of Queensferry Hotels, said: “While it is sad for the Gwyn family and myself to be moving on from the hotel after 40 years of care and development, it is comforting to know that we are handing over the baton to Castleforge Partners and Axiom Hospitality who have committed to invest in the property to allow it to benefit from the return of the hospitality industry and to take the hotel forward to its future years of continuing success.”
Kerr Young, director, hotels and hospitality at JLL, added: “Despite the obvious challenges that have beset the hospitality industry over the course of the last 14 months there remains significant capital looking for investment opportunities.
“We have received in excess of £2.5 billion of offers during 2021 and are in exclusivity or have completed on in excess of £300 million of UK hotel transactions and we anticipate an increase in transactional activity during the second half of 2021.”