Abu Dhabi-based Twenty14 Holdings has acquired the 241-room hotel and plans to add a further 50 guest rooms in a two-year refurbishment programme costing £20m.
We are honoured to be part of this Scottish landmark that has a great significance...and look forward to adding to the experience The Caledonian already offers.Adeeb Ahamed , Managing Director, Twenty14 Holdings
It is the largest hotel sale in Scotland since Diageo sold Gleneagles in 2015 and is the largest single asset trade in the regional UK market in the last twelve months. JLL and HVS Hodges Ward Elliott jointly advised on the sale. JLL also arranged the debt financing for the purchaser.
Will Duffey of JLL’s hotels & hospitality group, said: “The hotel has long been seen as a jewel in the crown of the UK hotel market. Our client’s recent refurbishment programme repositioned the hotel to its former glory when it reopened as the first Waldorf Astoria in the UK in 2012.
The sale of “The Caley” follows the recent sales during 2017 of The Scotsman and The Bonham in Edinburgh. Over the last 12 months JLL have transacted more than £150m of hotels in Edinburgh...