Twenty14 Holdings, the hospitality investment arm of Lulu Group International, has acquired the Waldorf Astoria Edinburgh – The Caledonian for €95.8m (£85m). The company will further invest c. €22.5m for renovation purposes. Apart from refurbishment, the iconic hotel, which operates under the Hilton’s flagship brand, will be expanded by additional 50 guest rooms.
JLL and HVS Hodges Ward Elliott have jointly advised on the sale of the asset.
Commenting on the sale, Will Duffey, Co-Head European Transactions, JLL's Hotels & Hospitality Group, said: "The hotel has long been seen as a jewel in the crown of the UK hotel market. Our client's recent refurbishment programme repositioned the hotel to its former glory when it reopened as the first Waldorf Astoria in the UK in 2012. We are delighted to have advised on this irreplaceable trophy hotel overlooking Edinburgh Castle to an investor who will preserve and protect this most important of assets for generations to come".
Kerr Young, Director, JLL's Hotels & Hospitality Group, added: "Edinburgh continues to be one of the best performings and most sought-after European hotel markets by both domestic and overseas buyers. The sale of The Caley follows the recent sales during 2017 of The Scotsman and The Bonham as well a number of other hotels in the Scottish Capital. This sale marks the largest hotel transaction in Scotland since the sale of Gleneagles in 2015. Over the last 12 months, JLL have transacted more than €169m (£150m) of hotels in Edinburgh."
