The strategic acquisition underscores the momentum of the L+R and PGGM hospitality platform across key European gateway cities
LRO Hospitality, the “core-plus” hospitality investment platform and joint venture between L+R and Dutch pension investor PGGM, has completed the acquisition of the Courtyard by Marriott Edinburgh, further strengthening its portfolio of high-quality hospitality assets across Europe.
The acquisition from a fund managed by CVC Marathon follows LRO Hospitality’s recent acquisition of Marriott Brussels Grand Place and reflects the joint venture’s continued conviction in well-located, cash-flow-generating hotel assets across key European gateway cities. The transaction represents another significant milestone in the successful deployment of capital through the L+R and PGGM partnership as it continues to build a diversified portfolio of institutional-quality, core-plus hospitality investments.
Located at 1-3 Baxter’s Place, Edinburgh EH1 3AF, the 240-bedroom hotel occupies a prominent position in the heart of Scotland’s capital, within walking distance of Edinburgh’s historic Old Town, New Town and key transport links. The upscale property features a restaurant and grill, terrace, lounge and fitness centre, serving both leisure and business travellers year-round.
The acquisition, for which JLL were the retained advisors on the sale, completed on 30 September 2026. The asset aligns closely with LRO Hospitality’s strategy of investing in high-performing hotels in Europe’s most resilient urban markets, where strong underlying demand fundamentals, international connectivity and long-term tourism growth present compelling opportunities for value creation. Through its partnership with PGGM, LRO Hospitality continues to identify and acquire assets that can benefit from active asset management, operational optimisation and strategic capital investment.
Following completion, Iconic Hotels & Resorts, L+R’s privately owned and operated global collection, will assume operations and management of the hotel. The addition deepens Iconic’s presence in key European gateway cities and reflects continued confidence in Edinburgh as one of the UK’s most resilient hospitality markets, adding to a growing collection of distinctive city, countryside and resort hotels that pair strong local character with exceptional service.
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.”
“We are delighted to have advised CVC Marathon on the successful sale of this prime Edinburgh hotel asset to LRO Hospitality,” said Kerr Young, Head of UK National Hotels at JLL. “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 actively pursue acquisition opportunities across Europe, leveraging the combined strengths of L+R’s hospitality expertise and PGGM’s long-term institutional capital. The platform is focused on building a high-quality portfolio of strategically located hotel assets in leading gateway cities, creating sustainable value through disciplined investment and hands-on asset management.