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.
“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.