The four-star, 199-bedroom Roxburghe hotel in Edinburgh has been sold in the largest single asset hospitality transaction in the city since 2007.
Located within a Georgian property dating back to 1791 in Charlotte Square, the hotel has been acquired by US-based investment management firm Starwood Capital from Paragon Hotels for an undisclosed sum. It is branded as a Crowne Plaza property under a franchise agreement signed with InterContinental Hotels Group in 2012.
The sale of the hotel was handled by JLL's Hotel & Hospitality Group in Scotland and London.
Keith McBain, director, JLL, described the sale as "a landmark deal" for the Edinburgh and Scottish market. "The hotel 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," he added.
George Nicholas, executive vice president of JLL, also commented: "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 other Scottish cities are best placed to benefit from that sentiment."
Charlotte Square is home to the First Minister's official residence, Bute House, as well as a number of National Trust for Scotland properties.
Starwood Capital has a portfolio of more than 2,200 hotels worldwide.