Tue, 18/04/2017 - 14:31
M&G Real Estate has acquired the 150-year ground lease of the Marriott Courtyard hotel at Baxter’s Place in Edinburgh for GBP23 million.
The 240 bedroom Courtyard Edinburgh was developed by Chris Stewart Group and opened in late 2016.
It is the third Courtyard-branded Marriott hotel in the UK and is developed across three original category A listed Georgian townhouses with a modern extension to the rear. Facilities include meeting rooms, a fitness centre and an all-day brasserie, as well as free high speed wifi. It enjoys a city centre location next to the Playhouse theatre and minutes from Princes Street, George Street and Waverley Station.
M&G Real Estate has over GBP1 billion invested in Scottish commercial real estate across the office, retail, student accommodation and hotel sectors.
Shailendra Shah, investment manager, M&G Real Estate says: “With over four million visitors to Edinburgh each year, the city is one of the UK and Europe’s leading hotel markets, having consistently achieved one of the highest revenues per available room in the UK – surpassed only by London in 2015.
“This investment helps to meet the demand from institutional investors for long term income with security that increases in line with inflation.”
Chris Stewart, CEO of Chris Stewart Group says: “We are delighted to have agreed terms with M&G Real Estate for the ground lease of the Courtyard Edinburgh hotel and we look forward to working with them again in the future.”
Savills advised M&G Real Estate and the Chris Stewart Group was advised by Knight Frank.
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