Joint venture between L+R and PGGM strengthens European hospitality portfolio.
LRO Hospitality, a “core-plus” hospitality investment platform formed as a joint venture between L+R and Dutch pension investor PGGM, has completed the acquisition of the Courtyard by Marriott Edinburgh. The transaction for the 240-bedroom hotel, located at 1-3 Baxter’s Place, Edinburgh EH1 3AF, concluded on 30 September 2026.
The hotel was acquired from a fund managed by CVC Marathon, with JLL acting as retained advisors on the sale. This acquisition follows LRO Hospitality’s recent purchase of Marriott Brussels Grand Place.
The property is situated in the centre of Scotland’s capital, near Edinburgh’s Old Town, New Town, and key transport links. It features a restaurant and grill, terrace, lounge, and a fitness centre.
Following the acquisition, Iconic Hotels & Resorts, L+R’s privately owned and operated global collection, will assume operations and management of the hotel. Iconic Hotels & Resorts stated that the addition enhances its presence in key European gateway cities and reflects continued confidence in Edinburgh as a resilient hospitality market in the UK.
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Henri Wilmes, Chief Investment Officer, LRO Hospitality, commented: “The acquisition of Courtyard by Marriott Edinburgh represents another important step in the growth of the LRO Hospitality platform and demonstrates the strength of our partnership with PGGM. This latest acquisition, following our recent investment activity in Brussels, reflects our confidence in the European hospitality sector and the significant opportunities we continue to see across the market.”
Kerr Young, Head of UK National Hotels at JLL, said: “We are delighted to have advised CVC Marathon on the successful sale of this prime Edinburgh hotel asset to LRO Hospitality. Edinburgh benefits from a unique combination of cultural heritage, strong year-round demand drivers and exceptional connectivity, making it a highly attractive market for core-plus hotel investment. This transaction demonstrates the depth of institutional capital targeting well-located, cash-flow-generating assets in Europe’s leading gateway cities, and we are proud to have delivered an excellent result for our client.”
LRO Hospitality continues to seek acquisition opportunities across Europe, aiming to build a high-quality portfolio of strategically located hotel assets in leading gateway cities, creating value through investment and asset management.
