The Edinburgh Collection has acquired the Princes Street Suites aparthotel from a group of private investors led by Andrew Lapping of the Hamilton Portfolio.
The group will retain the 22 existing staff and bring housekeeping in-house, all led by general manager Alain Martzolff.
Previously managed by RBH, the 37 one-, two- and three-bedroom apartments were recently refurbished and the Edinburgh Collection plans to expand the reception area with a 24-hour bar and coffee lounge. The apartments will also have smart TVs, USB charging points and Handy smartphones added.
As part of a move to attract local companies to use its facilities for day lets, the group also plans to improve and promote its meeting room accommodation.
Ricky Kapoor, managing director of the Edinburgh Collection said: "The Princes Street Suites offers a luxurious edge to our portfolio and our team are looking forward to marketing it effectively from within our group."
Sheetal Kapoor, group chief executive of the Edinburgh Collection added: "The acquisition of Princes Street Suites enhances the Edinburgh Collection's portfolio in the city with a full range of accommodation options from the affordable business class Haymarket Hub hotel; the historic Old Waverley; and the four-star Holyrood aparthotel just off the city's Royal Mile.
"The group now owns in excess of 440 bedrooms across Edinburgh, employing over 120 staff across the four properties. The group has seen positive growth in profit and turnover in the last financial year and with the acquisition of Princes Street Suites the group looks forward to continue this trend."
Photo: ZAC and ZAC PhotographyGet The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).