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Twenty14 Holdings, the hospitality investment arm of Lulu Group International, has completed a £85 million acquisition of the Waldorf Astoria Edinburgh – The Caledonian.
The Caledonian joins a portfolio of $650 million worth of luxury property across the UK, the Middle East and India that Twenty14 has assembled since 2014.
The company intends to invest a further £20 million in a programme that will see the iconic building on Edinburgh’s Princes Street enhanced and expanded by 50 guest rooms, over a period of two years beginning from 2019.
The company has a strategy of investing in profitable luxury sites while preserving their historical legacy.
The Caledonian is a grand Edwardian railway hotel that has epitomised Scottish hospitality for more than 100 years.
Twenty14 Holdings intends to sensitively renovate the building while retaining its rich heritage and distinctive architecture.
Adeeb Ahamed, managing director, Twenty14 Holdings, describes the ingredients that made The Caledonian such a good fit for the company’s investment strategy: “We are excited to add The Caledonian to the portfolio of Twenty14 Holdings.
“With more than 100 years of history, The Caledonian brings with it a rich heritage, character and unique opulence.”
Local perceptions and historical legacies are central to Twenty14 Holdings’ acquisition strategy.
Adeeb sees The Caledonian as a great opportunity to further strengthen this connection.
“We are honoured to be part of this Scottish landmark that has a great significance for locals and visitors alike.
“We look forward to adding to the experience The Caledonian already offers,” he added.
The Caledonian operates under the Hilton’s flagship brand Waldorf Astoria.
First opened in 1903 as part of the old Princes Street Railway Station, The Caledonian currently has 241 rooms and offers awe-inspiring views of Edinburgh Castle.
Among improvements planned for the site, Twenty14 Holdings intends to engage local craftsmen to enhance the hotel’s historic Caledonian Suites.
Luxury and style will be the keynote of these improvements.
Bespoke furniture, eclectic artwork and en-suite bathrooms featuring marble and burnished chrome fittings will feature among a host of exclusive additions.
Source: breakingtravelnews.com
