Anonymous investor buys Edinburgh's Crowne Plaza Hotel

Over the fall, Edinburgh's four-star Crowne Plaza Hotel was put on the market by joint administrators at AlixPartners following the collapse of Prima Hotel Group in May. JLL Hotels and Hospitality Group were appointed by AlixPartners to dispose of the 100-room property.

Today, the Daily Record is reporting that the hotel was sold by AlixPartners to "an unnamed high net worth investor" for an undisclosed sum. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“We received interest from in excess of 150 parties in the Crowne Plaza from a variety of buyers that were eager to purchase a hotel asset in one of the strongest performing hotel market in Europe,” Kerr Young, director of JLL Hotels and Hospitality Group, told the paper. “The price achieved for the hotel reflects a benchmark yield for a regional hotel asset to be sold as a going concern.”

The sale was subject to a franchise agreement with IHG.

Suggested Articles

Thomas C. Morey will retain his role as general counsel on an interim basis until his successor is appointed.

This week has been about the economy and budget sector, the planet and whether the Reuben Brothers go clubbing a lot.

The budget hotel sector has seen its focus expand to look not only at price, but at design and concept, as guests have become more demanding.