Twenty14 Holdings, the hospitality arm of Abu Dhabi-based conglomerate Lulu Group International, has completed a $120 million acquisition of the Waldorf Astoria Edinburgh – The Caledonian.
The Caledonian joins a portfolio of $650m worth of luxury property across the UK, the Middle East and India that Twenty14 has assembled since 2014. Twenty14 Holdings intends to invest a further US$28 million to enhance and expand the iconic building on Edinburgh’s Princes Street.
Adeeb Ahamed, managing director Twenty14 Holdings, said: “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, which we intend to preserve.
“Local perceptions and historical legacies are central to our acquisition strategy. 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.”
A spokesperson described The Caledonian as a grand Edwardian railway hotel that has epitomised Scottish hospitality for more than 100 years.
Twenty14 Holdings, it was added, intends to sensitively renovate the building while retaining its rich heritage and distinctive architecture.