JLL Hotels and Hospitality Group sold the hotel acting on behalf of Alix Partners, the joint administrators of Fontenhall (Scotland) Limited.
The 4-star hotel has 100-bedrooms, a bar and restaurant, three meeting and event spaces, a club lounge, swimming pool, gym and landscaped gardens.
Legacy Hotels and Resorts will be retained as the interim management company as part of the transaction.
The hotel was sold to a high net worth investor subject to a franchise agreement with the InterContinental Hotels Group (IHG). Legacy Hotels and Resorts will be retained as the interim management company as part of the transaction.
Kerr Young, director in JLL’s Hotels & Hospitality Group, said: “We received interest from in excess of 150 parties in the Crowne Plaza from a variety of buyers that were eager to purchase a hotel asset in one of the strongest performing hotel market in Europe.
“The price achieved for the hotel reflects a benchmark yield for a regional hotel asset to be sold as a going concern. We are delighted to have secured a purchaser which will look to retain both the management team and franchise with IHG. Barriers of entry for new hotels in Edinburgh remain high and we expected the hotel to go from strength to strength under new ownership.”