Edinburgh’s Smart City Hostel has been sold to UK hostel owner and operator Safestay for £14.9m.
The 615-bed operation has been sold by owner Blackfriars Property.
The hostel sits just off the Royal Mile and was rescued from administration in 2009.
It is a student accommodation property during term time, and converted to multi-bed rooms during the summer season.
Managing director of operator Starboard Hotels, Paul Callingham, said: “The sale of Smart City puts us in a strong position to push forward with further acquisition plans in the UK of branded and unbranded hotels.”
Savills acted for Blackfriars.
