JLL Advises CVC Marathon on Sale of 240-Room Courtyard by Marriott Edinburgh to LRO Hospitality

EDINBURGH, Scotland — JLL advised a fund managed by CVC Marathon on the sale of the 240-room Courtyard by Marriott Edinburgh to LRO Hospitality, the core-plus hospitality investment platform that is a joint venture between London and Regional (L+R) and Dutch pension investor PGGM, the firm announced Oct. 5, 2026. The transaction completed on Sept. 30, 2026.

Courtyard by Marriott Edinburgh Sale: Deal Details

The hotel is located at 1-3 Baxter's Place in Edinburgh, within walking distance of the city's Old Town, New Town and key transport links, according to JLL. The 240-bedroom upscale property opened in 2016 and has eight floors. It sits at the foothills of Calton Hill, near Princes Street. Amenities include a restaurant and bar, a terrace, a lounge and a fitness centre, serving leisure and business travellers.

JLL acted as exclusive advisor to CVC Marathon, providing strategic guidance, market positioning, buyer engagement and transaction execution support, the firm said. The buyer is LRO Hospitality, which is jointly owned by L+R and PGGM.

LRO Hospitality Expands European Portfolio

The Edinburgh acquisition follows LRO Hospitality's recent purchase of Marriott Brussels Grand Place. JLL said the transaction reflects continued momentum in the L+R and PGGM partnership as it builds a diversified portfolio of core-plus hospitality investments across key European gateway cities.

Core-plus assets are generally operating, well-located properties that may offer additional value through management improvements, repositioning, refurbishment or stronger revenue performance. According to the announcement, LRO Hospitality's strategy centres on high-performing hotels in Europe's urban markets with strong demand fundamentals, international connectivity and long-term tourism growth.

Henri Wilmes, Chief Investment Officer at LRO Hospitality, said: "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. Edinburgh is one of Europe's most established and resilient hotel markets, and this investment reflects our confidence in the European hospitality sector and the significant opportunities we continue to see across the market."

Iconic Hotels & Resorts to Manage the Property

Following completion, Iconic Hotels & Resorts, L+R's privately owned and operated global collection, will assume management of the hotel. The property will continue to operate as Courtyard by Marriott Edinburgh.

The Iconic portfolio comprises 15 properties, 11 in the UK and four across the US and Europe. Its holdings include Cliveden House, Chewton Glen, The Lygon Arms, Strand Palace, Nobu Hotel London Portman Square and Marriott Brussels Grand Place, in addition to the Edinburgh hotel.

L+R describes itself as a privately held global investment firm with a real estate portfolio of more than £10 billion, including 115 hotels across nine countries, and a track record of more than 30 years.

JLL on the Edinburgh Hotel Investment Market

Kerr Young, Head of UK National Hotels at JLL, said: "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."

JLL said the transaction reinforces Edinburgh's position as a key European hospitality investment market and reflects institutional appetite for core-plus hotel assets. The firm cited Edinburgh's domestic and international demand, year-round events calendar and cultural heritage as underpinning the market's resilience. The city's connectivity includes proximity to Edinburgh Airport and Waverley station.

Outlook

The sale adds a second branded gateway-city hotel to LRO Hospitality's portfolio within a short period, following the Brussels acquisition, and gives L+R operational control of the Edinburgh asset through Iconic Hotels & Resorts. For CVC Marathon, the transaction represents an exit from the asset.

Sources

JLL, "JLL advises on sale of Courtyard by Marriott Edinburgh to LRO Hospitality," Oct. 5, 2026: https://www.jll.com/en-uk/newsroom/jll-advises-on-sale-of-courtyard-by-marriott-edinburgh