Edinburgh’s landmark The Scotsman Hotel has been bought by Glasgow-based G1. More than 90 employees at the five-star establishment will be transferred across.
The building was turned into a hotel in 2001 after the Scotsman newspaper moved to new premises at Holyrood.
The acquisition is G1 Group’s biggest in their 27 year history, although the final purchase price has not been disclosed.
Stefan King, who runs G1, said: “We have enjoyed huge support from Edinburgh City Council, the patrons and the teams employed in our Edinburgh venues over the years.
“The acquisition of The Scotsman Hotel is a significant reflection of a continued commitment to the city.
“We aspire to build on the iconic presence and reputation of the Scotsman Hotel to be at the forefront of hotel venues in the city.”
The complex deal for the acquisition of the hotel was brokered between representatives of the G1 Group, JLL Hotels & Hospitality Group and CBRE Hotels, who had been appointed to market the hotel following the appointment of Eileen Blackburn of French Duncan LLP as liquidator in June 2016.
Formerly under the ownership of JJW Hotels, part of the MBI Group, the 69 bedroom property is being sold to G1 independent of the brasserie and spa facilities which are under separate ownership.
The G1 Group, which operates exclusively in Scotland, is most heavily represented in the central belt, and has a reputation in Edinburgh and elsewhere for sensitive renewal of buildings of significant historical interest, most recently announcing the purchase of the former Odeon Cinema on Clerk Street.
The Group also operates four other hotels in Edinburgh, including the Grassmarket, Stay Central and Murrayfield Hotels, and the 4-star boutique Inn on the Mile Hotel on the Royal Mile.
Brian McGhee, Chairman at G1 Group said “Buying anything out of liquidation is a difficult process for all concerned, and we cannot commend Eileen Blackburn and David McGinness of French Duncan enough for their professionalism throughout, in their ability through their rapport with the hotel team to retain a significant amount of goodwill from both patrons and staff members, at a very difficult time for both.”