Burges Salmon advises LRO Hospitality on the strategic acquisition of Courtyard by Marriott Edinburgh
We have advised LRO Hospitality, a hospitality investment platform and joint venture between L+R and Dutch pension investor PGGM, on the acquisition of Courtyard by Marriott Edinburgh, an upscale, contemporary hotel in Edinburgh, Scotland.
The transaction sees LRO Hospitality add another high-quality hotel to its portfolio, aligning closely with its investment strategy to deploy capital into well-located, cash-flow-generating hotel assets across key European gateway cities. Following completion, Iconic Hotels & Resorts will assume operations and the management of the hotel. For Courtyard by Marriott Edinburgh, the acquisition sees an opportunity to leverage LRO Hospitality’s extensive experience and proactive, operator-driven approach to elevate its already seamless, bespoke guest experience.
The Burges Salmon team advising on the acquisition drew on expertise from across a number of practice areas, demonstrating the firm’s depth of experience in the hotel and leisure sector. The team was led by partner Danny Lee and solicitor Jenny Purcell, supported by senior associate Niall Mackle, with real estate and finance expertise provided by partner Robert Forman, senior associate Matthew Bruce and partner Katie Allen.
Robert Forman, partner at Burges Salmon says “This strategic acquisition adds another great upscale tourism entity to LRO Hospitality’s portfolio. It has been a great pleasure to support the LRO Hospitality team here, and we are excited to see what’s next for this contemporary Scottish hotel”.
Henri Wilmes, chief investment officer at LRO Hospitality, adds “The acquisition of Courtyard by Marriott Edinburgh represents another important step in the growth of the LRO Hospitality platform. Working with Burges Salmon has been a smooth and efficient process, allowing us to make great headway with the acquisition. Danny, Jenny and the team provided great support, and we’re excited to be in a position to unlock the long-term value creation of this iconic property, amid current thriving international and domestic tourism”.
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