The 199-bedroom venue situated on Charlotte Square in the city centre has been owned by Paragon Hotels, the operator of the Classic Lodges brand, for 15 years but has been managed by Macdonald Hotels.
The deal will see a number of changes made to the hotel to attract greater business and overseas leisure custom.
Following a franchise agreement signed with InterContinental Hotels Group (IHG), Paragon Hotels will manage the hotel as the Crowne Plaza Edinburgh. The franchise deal will see investment being made into the bar and restaurant and its general F&B offering.
"As part of the hotel's future development we are particularly pleased to have agreed with IHG that the Roxburghe will become a Crowne Plaza which allows it greater access to an international client base travelling to the capital of Scotland," Richard Grime, managing director of Paragon Hotels, said.
In 2008, The Roxburghe underwent a significant £7.5m refurb in order to place it as one of the top venues in the Scottish capital.
Robert Shepherd, The IHG chief development officer for Europe, welcomed the introduction of the Crowne Plaza brand to Edinburgh and said the venue would enjoy further investment as part of the deal.
"Crowne Plaza is one of the fastest growing upscale brands in the world and has the most hotels in the development pipeline of any upscale brand globally – we are opening 120 hotels over the next few years.
The change in management will see a refurb of the meeting areas and club bedrooms in the venue. A new business lounge will also be created while the website for the property will be revamped in keeping with the rebrand.
"Business and leisure travellers alike know that they can expect simplified elegance, comfort and a 24-hour business service from a Crowne Plaza hotel. Significant investment is being made to ensure that Crowne Plaza Edinburgh can help guests be at their best," Shepherd added.
Marcello Ventisei, the hotel's general manager said the rebrand would put the property in a good position to grow its business custom. "The Roxburghe is perfectly placed in the centre of the city for visiting businessman and international leisure guests. With the added stature of now being a four-star Crowne Plaza property, I believe this will elevate the hotel further," he said.
Paragon Hotels owns ten hotels in the UK - eight under the Classic Lodges brand and The Macdonald Savill Court Hotel & Spa near Windsor.