Roxburghe Hotel in Edinburgh bought by Starwood Capital
One of Edinburgh's most prestigious hotels, The Roxburghe, has been sold to a US-based investment management firm following a competitive process.
The four-star hotel in Edinburgh's Charlotte Square was bought by Starwood Capital for an undisclosed sum.
The Roxburghe was owner-operated under an Intercontinental Hotel Group franchise as part of the Crowne Plaza group of hotels.
The competitive process was managed by professional services firm JLL.
It described the deal as the "largest single-asset hospitality transaction" in Edinburgh since 2007.
JLL director Keith McBain said: "This is a landmark deal for the Edinburgh and Scottish market, underlining its status as a hugely attractive destination for investors.
"The hotel, which has 199 guest rooms, has seen continual investment to improve the facilities for visitors since it was purchased in the late 1990s and we expect the new owners to continue that trend."
The Georgian properties in which The Roxburghe is situated date back to 1791, although the hotel has grown into adjoining properties through the years.
A major refurbishment was undertaken in 2013, which marked the introduction of an Intercontinental Hotel Group franchise and saw the hotel rebranded as Crowne Plaza Edinburgh - The Roxburghe.
Charlotte Square is home to the first minister's official residence, Bute House, as well as a number of National Trust for Scotland properties.
Earlier this year US property tycoon Donald Trump bought the Turnberry golf resort.
He purchased the entire South Ayrshire complex, including the hotel, from Dubai-based group Leisurecorp for an undisclosed sum.