Bruntsfield Hotel sold to Castleforge Partners
New owner: Bruntsfield Hotel
Queensferry Hotels has sold the 70-bed Bruntsfield Hotel in Edinburgh to Castleforge Partners following the retirement of the owners.
The Best Western Plus hotel is the first investment by the London-based private equity fund for its new hospitality strategy. Axiom Hospitality has been installed as operator.
Russell Imrie, managing director at Queensferry Hotels, said: “While it is sad for the Gwyn family and myself to be moving on from the hotel after 40 years of care and development, it is comforting to know that we are handing over the baton to Castleforge Partners and Axiom Hospitality, which have committed to invest in the property to allow it to benefit from the return of the hospitality industry and to take the hotel forward to its future years of continuing success.”
Matt Lederer, hotel acquisitions director at Castleforge Partners, said: “Edinburgh remains one of the most sought-after hotel markets in Europe, which meets our strategy of investing in best-in-class opportunities.
“We are looking forward to investing in the property and working with Axiom to unlock the potential the hotel offers.”
Kerr Young, director of hotels and hospitality at JLL, added: “Despite the obvious challenges that have beset the hospality industry over the course of the last 14 months, there remains significant capital looking for investment opportunities.
“We have received in excess of £2.5bn of offers during 2021 and are in exclusivity or have completed on in excess of £300m of UK hotel transactions, and we anticipate an increase in transactional activity during the second half of 2021.”