In yet another addition to its luxury property portfolio, Twenty14 Holdings—the hospitality investment arm of Lulu Group International—acquired Scotland’s classic Waldorf Astoria Edinburgh-The Caledonian in a $120 million (£85 million) deal.
Twenty14 Holdings is owned by the U.A.E.-based businessman Adeeb Ahamed, who also spearheads Abu Dhabi-headquartered LuLu International Exchange.
Twenty14 Holdings is a part of the Lulu Group International chaired by M.A. Yusuff Ali, more popularly known for the chain of Lulu hypermarkets.
The Caledonian—locally called Caley—is one of Edinburg’s landmark building and was a former Victorian railway building hotel. The luxury property will be an addition to Twenty14 Holdings portfolio of $650 million worth assets spread across the Middle East, the U.K. and India. Located on Edinburg’s Princes Street, the hotel will get a further $28 million revamp and expansion too.
The 241-keys hotel operates under the Hilton’s flagship brand Waldorf Astoria. Opened in 1903 as part of the old Princes Street Railway Station, the fancy property offers breathtaking views of the Edinburg Castle. Post-acquisition, Twenty14 Holdings said it intends to renovate the building while maintaining its rich heritage and unique architecture.
Twenty14 Holdings plans to bring in local craftsmen to work on the hotel’s historic Caledonian Suites. Bespoke furniture, eclectic artwork and en-suite bathrooms featuring marble and burnished chrome fittings will stand-out among a swarm of other additions.
The Abu Dhabi-based Twenty14 Holdings has snapped a number of properties across the world, diversifying its portfolio. It acquired the historic Great Scotland Yard, the former headquarters of the Metropolitan Police between 1829 and 1890 in London—now The Great Scotland Yard Hotel—for $170 million in July 2015. The company also owns Fairfield by Marriott in Kochi, and Courtyard by Marriott in Bengaluru in India.
In 2016, Twenty14 Holdings acquired a 50% stake in the 230-room Sheraton Oman while it also owns the 365-room Steigenberger Hotel Business Bay in Dubai.