Crowne Plaza Edinburgh has been sold by administrators to an unnamed high net worth investor, subject to a franchise agreement with the InterContinental Hotels Group (IHG).
The four-star hotel on Royal terrace comprises 100 bedrooms, bar, restaurant, three meeting and event spaces, a club lounge, swimming pool, gym and landscaped gardens to the rear.
The Prima Hotel Group relaunched the Crowne Plaza Edinburgh in 2014 following a £7.25m refurbishment. AIB Group was reported to have forced Prima Hotels into administration in a bid to recover £36 million in loans.
The administrators engaged Legacy Hotels & Resorts to operate the five hotels, including The Stanneylands Hotel in Wilmslow; Nunsmere Hall Hotel in Northwich; The Quorn Country Hotel in Leicestershire; and Hellaby Hall Hotel in Rotherham, while buyers were sought.