Castleforge Partners, a London-based property investment firm, has announced the acquisition of Edinburgh’s Crowne Plaza Royal Terrace hotel for an undisclosed fee. Located near the newly redeveloped St James Centre, the 97-room property is set to undergo a full refurbishment before being relaunched in March 2022.
It marks Castleforge’s third hotel investment of the year, following earlier acquisitions of Edinburgh’s Bruntsfield Hotel and Cardiff’s Hilton Hotel.
Matt Lederer, hotel acquisitions director at the company, said that the hotel is situated in “a prime location” amid “one of the most exciting areas” of the Scottish capital.
He continued to state: “Now is a particularly exciting time to be investing in hotels as the tourism industry shows signs of recovery from the pandemic and we will continue to seek exciting investment opportunities in this space.”
Following the deal, which was advised by JLL, Axiom Hospitality has been appointed to manage the venue.
Alex Pritchard, co-CEO at Axiom, added: “We are pleased to be working with Castleforge once again on their latest hotel acquisition, particularly in Edinburgh as it is known for having some of the most sought-after hotels in the world.
“We are looking forward to repositioning the hotel, making it an exciting place to work, and welcoming guests from across the UK and abroad.”
