High net worth investor snaps up Crowne Plaza Edinburgh Royal Terrace
The 100-bedroom Crowne Plaza Edinburgh Royal Terrace, which was previously in administration, has been sold to a high net worth investor for an undisclosed sum.
The hotel was one of five previously owned and operated by the Prima Hotels Group, which collapsed in May 2015 after failing to meet its debt commitments.
Legacy Hotels and Resorts, which was appointed by the administrators AlixPartners to operate the five hotels, will be retained as the interim management company of the Crowne Plaza. The transaction is subject to a franchise agreement with InterContinental Hotels Group.
Located within a row of Georgian townhouses, the Crowne Plaza comprises a restaurant, bar, three meeting rooms, a club lounge, swimming pool, gym and landscaped gardens.
JLL, the real estate company that handled the sale, said it had received interest in the hotel from 150 parties who were eager "to purchase a hotel asset in one of the strongest performing hotel markets in Europe".
The disposal of the Crowne Plaza follows the recent completion of the sale of three out of the four other properties also previously owned by Prima Hotels Group.
The red-AA-star, 36-bedroom Nunsmere Hall hotel in Northwich, Cheshire, has been sold to Highwater Estates, the owner of nearby Peckforton Castle, for £5.35m; while the four-AA-star, 55-bedroom Stanneylands hotel in Wilmslow, Cheshire, has been acquired by the Mere golf resort and spa, owned by the Boler family, for £4.15m. There is also a new owner for the four-AA-star, 89-bedroom Hellaby Hall hotel in Rotherham, but the details have not been disclosed.
Prima Hotel Group properties in administration >>
Portfolio of four Prima hotels to be sold for £18m >>
Edinburgh's Crowne Plaza hotel for sale after Prima administration >>
Nunsmere Hall hotel in Chester sells for £5.35m >>
Stanneylands hotel sold to Mere golf resort for £4.15m >>
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