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Thursday, February 02, 2024

The Scotsman hotel is sold for £63m

THE flagship hotel based in the former offices of The Scotsman newspaper in Edinburgh has been sold to a billionaire Saudi businessman for £63 million. Mohamed Bin Issa al-Jaber multinational MBI International group is valued at £2 billion.

An MBI spokesman confirmed that the group intends to use the Scotsman's model as the basis of a new trans-European hotel brand, starting with ongoing £32 million refurbishment of its London property the Berners Hotel.

A spokesman for the Scotsman hotel called the purchase a "new dawn" for the group, which also includes the upmarket hotels 42 The Calls in Leeds and La Tremoillé in Paris.

The Scotsman hotel is popular with business travellers and well-heeled leisure users which is reflected in high occupancy rates and a string of industry awards. Its restaurant, the Vermillion, has won two AA rosettes.

Richard Brook, group chief financial director for MBI International, said: "Sheikh Mohamed is very excited about the Scotsman and we have high expectations of taking the group on to greater things. This transaction puts the group firmly on its feet."