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Ground lease for Courtyard by Marriott Edinburgh sold for £23m

24 April 2017 by
Ground lease for Courtyard by Marriott Edinburgh sold for £23m

The 150-year ground lease of the 240-bedroom Courtyard by Marriott Edinburgh has been acquired by property investment company M&G Real Estate for £23m.

Located at Baxter's Place, the hotel was developed across three category A-listed Georgian townhouses with a contemporary extension at the rear by Chris Stewart Group and opened in late 2016.

It features an all-day brasserie, fitness centre and meeting room.

Chris Stewart, chief executive of Chris Stewart Group said: "We are delighted to have agreed terms with M&G Real Estate for the ground lease of the Courtyard Edinburgh hotel and we look forward to working with them again in the future."

Shailendra Shah, investment manager, M&G Real Estate, said that the deal, which boosts the company's

"This investment helps to meet the demand from institutional investors for long- term income with security that increases in line with inflation."

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