Starwood Capital buys Edinburgh’s Roxburghe hotel in city’s biggest transaction since 2007

George Sell George Sell Uploaded 29 July 2014

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UK: Starwood Capital has bought the Roxburghe hotel in Edinburgh in what is being described as a “landmark deal” for the city’s hotel market.

UK: Starwood capital has bought the Roxburghe hotel in Edinburgh in what is being described as a "landmark deal" for the city's hotel market.

The 199-bedroom hotel in Edinburgh's Charlotte Square was refurbished in 2013, and has now been sold in the largest single asset hospitality transaction in the city since 2007.

The exact price of the property, which currently flies IHG's Crowne Plaza flag, was undisclosed.

The sale was handled by JLL'S Hotel and Hospitality Group in Scotland and London. Keith McBain, a director at JLL said: "The hotel, which has 199 rooms, has seen continual investment to improve the facilities for visitors since it was purchased in the late 1990s and we expect the new owners to continue that trend."

George Nicholas, executive vice president of JLL, said: "We see this interest in Scotland as an increasing trend, with money from domestic and overseas sources - particularly North America, China and elsewhere in the Far East. There is real appreciation of the added value, compared with London, and Edinburgh along with a few Scottish cities are best placed to benefit from that sentiment."

The Roxburghe is situated within a 1791 Georgian property, and has expanded into adjoining properties in recent years.

theroxburghe.com

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