A four-star hotel in the heart of Edinburgh has changed hands.
The Crowne Plaza on Royal Terrace was secured by a “high net investor” subject to a franchise agreement with the InterContinental Hotels Group (IHG) in a deal brokered by JLL Hotels and Hospitality Group.
Legacy Hotels and Resorts will be retained as the interim management company.
Kerr Young, director of JLL Hotels and Hospitality Group, who sold the 100-bedroom hotel on behalf of administrators, said: “The price achieved for the hotel reflects a benchmark yield for a regional hotel asset to be sold as a going concern.
“Barriers of entry for new hotels in Edinburgh remain high and we expect the hotel to go from strength to strength under new ownership.”