Radisson Blu Edinburgh sells for more than £59m

The four-star Radisson Blu hotel in Edinburgh has been sold to a German investor for more than £59m.

The sale of the 238-bedroom property (pictured) on the Royal Mile for an undisclosed sum is the largest hotel transaction in Scotland since 2007.

Meanwhile Manchester's Park Inn by Radisson was also sold, to UK investor The Ability Group, reported the BBC.

The Edinburgh and Manchester properties were being marketed by CBRE and JLL, with asking prices of £59m and £20m, respectively.

JLL director of hotels and hospitality Kerr Young said: "The Radisson Blu in Edinburgh offers not only a secure income stream with great covenant strength, but also prime real estate in Scotland's historic capital - one of the most sought after hotel markets in Europe.

"Since the hotel went up for sale, alongside the Park Inn by Radisson in Manchester, we have received a huge amount of interest, underlining the appetite from investors in today's market."

Paul Collins of CBRE Hotels said: "The hotels are fantastic assets for WestInvest and The Ability Group, and we are certain that the current buoyant investment market will continue into 2015 as disappointed investors seek alternative opportunities."