JLL advises on sale of Courtyard by Marriott Edinburgh to LRO Hospitality
JLL has advised a fund managed by CVC Marathon on the sale of the Courtyard by Marriott Edinburgh to LRO Hospitality, the hospitality-investment platform and joint venture between investment firm L+R and Dutch pension investor PGGM.
The transaction adds to LRO Hospitality’s growing portfolio of high-quality hotel assets across key European gateway cities.
Located at 1-3 Baxter's Place, the 240-bedroom hotel occupies a prime position within walking distance of Edinburgh's historic Old Town and New Town, and to key transport links. The property features a restaurant and grill, terrace and a lounge and fitness centre, serving both leisure and business travellers year-round.
Following completion, Iconic Hotels & Resorts, privately owned and operated by L+R, will assume management of the hotel. L+R has a £10bn real-estate portfolio, including 115 hotels, across nine countries:
"We are delighted to have advised Marathon on the successful sale of this prime Edinburgh hotel asset to LRO Hospitality," said Kerr Young, head of UK national hotels at JLL.
“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.
“This transaction demonstrates the depth of institutional capital targeting well-located, cash-flow-generating assets in Europe's leading gateway cities, and we are proud to have delivered an excellent result for our client."
Pictured: Kerr Young, head of UK national hotels at JLL
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