Ground lease for Courtyard by Marriott Edinburgh sold for £23m
The 150-year ground lease of the 240-bedroom Courtyard by Marriott Edinburgh has been acquired by property investment company M&G Real Estate for £23m.
Located at Baxter's Place, the hotel was developed across three category A-listed Georgian townhouses with a contemporary extension at the rear by Chris Stewart Group and opened in late 2016.
It features an all-day brasserie, fitness centre and meeting room.
Chris Stewart, chief executive of Chris Stewart Group said: "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."
Shailendra Shah, investment manager, M&G Real Estate, said that the deal, which boosts the company's
"This investment helps to meet the demand from institutional investors for long- term income with security that increases in line with inflation."
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