LRO Hospitality, a joint venture between L+R and Dutch pension investor PGGM, has acquired the Courtyard by Marriott hotel in Edinburgh.<\/p>\n
The acquisition from a fund managed by CVC Marathon is part of a strategy to buy well-located, cash-flow-generating hotel assets across key European cities. Following completion, Iconic Hotels & Resorts – L+R’s privately-owned and operated global portfolio – will assume operations and management of the hotel.<\/p>\n
Located on Baxter’s Place in the centre of town, the 240-bedroom property also features a restaurant, outdoor terrace, indoor lounge and gym.<\/p>\n
Henri Wilmes, chief investment officer at LRO Hospitality, commented “This latest acquisition, following our recent investment activity in Brussels [it recently bought the Marriott Brussels Grand Place] reflects our confidence in the European hospitality sector and the significant opportunities we continue to see across the market.”<\/p>\n
JLL was the retained advisor on the sale, and the firm’s head of UK hotels Kerr Young commented: “Edinburgh benefits from a unique combination of cultural heritage, strong year-round demand drivers and exceptional connectivity, making it a highly attractive market for core-plus hotel investment.<\/p>\n
“This transaction demonstrates the depth of institutional capital targeting cash-flow-generating assets in Europe’s leading gateway cities, and we are proud to have delivered an excellent result for our client.”<\/p>\n
Burges Salmon advised LRO Hospitality on the deal, with partner Robert Forman adding: “This strategic acquisition adds another great upscale tourism entity to LRO Hospitality\u2019s portfolio.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Overseas investors are increasingly attracted to the capital<\/p>\n","protected":false},"author":278857,"featured_media":7993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57362,9],"coauthors":[137126],"class_list":["post-7992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-acquisitions","category-property","tag-edinburgh-lothians","tag-featured-story"],"yoast_head":"\n