New owner checks into Edinburgh city centre business
A BOUTIQUE hotel in Edinburgh city centre has changed hands in a deal brokered by property firm Christie & Co.
Named after the street it is situated on, 24 Royal Terrace occupies a Georgian townhouse which is said to date from 1820.
The former owner, who is said to have carried out a “significant” refurbishment of the property upon purchasing it in 2014, launched 24 Royal Terrace in 2015.
The hotel comprises 16 en suite letting rooms, which includes two self-contained apartments. It also has a bar/restaurant on the ground floor, and a garden with decked areas at the rear of the property.
Operating under management, the business was offered for sale due to the former owner’s relocation plans.
The market for hospitality businesses in the city is buoyant.
It was acquired by a private company, which purchased the business for an undisclosed sum from an asking price of offers over £2.25 million.
Christie & Co’s Stuart Drysdale said the sale of the hotel, which is a ten minute walk away from Princes Street and Waverley train station, was a “rare opportunity” to acquire a property which has been “extensively upgraded”.
“The hotel was openly marketed and immediately gathered strong interest from a variety of private operators, as well as investors,” he said.
“After various points of interest and multiple viewings, a closing date was set for best offers.
“The market for hospitality businesses in the city remains buoyant, and we have a wide range of requirements from active buyers in the hotel sector.”