Redefine International, a UK-based Real Estate Investment Trust, purchased the Doubletree by Hilton Hotel in Edinburgh's city center for $41.27 million, representing a net initial yield of approximately 6.9 percent.
The Hotel has 138 bedrooms which have recently been refurbished. The five story hotel has F&B options, meeting rooms and a fitness center.
The acquisition also includes the separate heritable title of The Chanter public house, located on the ground and basement floors of the property.
The hotel will be let to Redefine Hotel Management, a wholly owned subsidiary of Redefine BDL Hotel Group Limited, in which Redefine International has a 25.28 percent stake.