So far, no word has been given on the exact sum for which Crowne Plaza Group sold Roxburghe Hotel to Starwood Capita. However, the firm that helped manage the sale, JLI, said that Starwood Capital was very keen on the idea of establishing some kind of foothold in Charlotte Square. As a result, many experts believe that the company might have paid over market value.
The director of JLI, Keith McBain, said that this was a huge deal for not only the Scottish market but for Edinburgh as well. This sale helps to underline the fact that the Scottish market is a very attractive area for investors.
The Roxburghe Hotel has 199 rooms and has seen a lot of investment to keep it up to date and to keep it running. In fact, many parts of the hotel date back to 1791. That being said, over the years, the hotel has continued to grow, and it is now located across several adjoining properties. In 2013, the hotel underwent a huge refurbishment. That is when it was rebranded as the Crowne Plaza Edinburgh – The Roxburghe. However, since the name is too long, most locals still call it the Roxburghe.
As a result of the history and refurbishment that the hotel has received, the director of the Edinburgh Institute Business School, Graham Birse, said that this was a worthwhile hotel for a company to buy in Edinburgh. It is a landmark and will continue to attract customers and investors for a long time to come.
The executive vice-president of JLI, George Nicholas, said that his company placed this opportunity with a very small number of investors. The investors that it picked had already shown some kind of interest in investing in Scotland. As a result, the interest in this building was very strong. The countries that were most interested in Scotland were China and North America. However, there was also some interest in this property from the Far East. This was a great investment for the Starwood Capital group.