Owner Henderson Park and operator Klarent Hospitality acquired the landmark Waldorf Astoria Edinburgh – The Caledonian in a deal reputed to be worth £85 million and reflecting a 3.6% net initial yield, winning it a CoStar Impact Award. The seller of the 120-year-old hotel on Princes Street, below Edinburgh Castle, is Twenty14 Holdings.
Opened in 1903 and originally owned by the Caledonian Railway Company, the 241-room luxury hotel is the third Hilton-managed hotel in the Scottish capital to be owned by the investment duo.
About the Project: Henderson Park and Klarent Hospitality said they have identified several opportunities to invest in the hotel, including room renovations and an upgrading of public areas and facilities. The acquisition, if the reputed sale price is correct, is not a penny more than what Twenty14 Holdings bought it for from Hilton in 2018.
What the Judges Said: "This deal is of international significance for Edinburgh and Scotland in terms of the brand profile, the importance and exceptional recovery of the hotels sector and the reported value and yield associated with the transaction" said Mark Robertson, partner, research, Ryden.
They Made It Happen: Kerr Young, head of UK hotel transaction, capital markets, JLL.
