Radisson Blu Hotel in Edinburgh sold in record deal

The Radisson Blu Hotel on Edinburgh's Royal Mile in Scotland has been sold to German investment firm Deka Immobilien GmbH for an undisclosed sum, reports the Daily Record.

The deal for the hotel, which had invited offers of £59 million, is said to be “the largest hotel transaction in Scotland since 2007.”

Düsseldorf-based Deka Immobilien GmbH acquired the hotel on behalf of WestInvest Gesellschaft Für Investmentfonds mbH's TargetSelect hotel fund.

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The hotel, currently operated by Rezidor Hotel Group, has 238 rooms, a restaurant, bar, conference rooms and leisure facilities.

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Paul Kelly, CEO of the National Tourism Development Authority Fáilte Ireland, said the capital needs 1,000 new rooms in the coming years.

Construction of the hotel on the site of the historic Equity Chambers building has commenced and the project is expected to open by Q2 2020.