Roxburge changes hands

AN Edinburgh hotel has been sold to a US-based investment firm in what’s been described as the largest single asset hospitality deal in the capital since 2007.

The four-star Roxburghe hotel on Charlotte Square was acquired by American property firm Starwood Capital.
The exact amount involved in the deal was not disclosed but property firm JLL, which managed the sale for the Crowne Plaza group, said demand for such property in Edinburgh was strong.
JLL director Keith McBain said: “This is a landmark deal for the Edinburgh and Scottish market, underlining its status as a hugely attractive destination for investors.
“The hotel, which has 199 guest 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.”