A COMPANY headed by the owner of Rangers football club, David Murray, yesterday sold one of Edinburgh's best-known landmarks, the Roxburghe Hotel.
Murray International Holdings has sold the famous city-centre hotel to Lancashire-based Paragon Hotels. Both parties said none of the financial details would be released.
Mr Murray, chairman of MIH, said that his company had very much enjoyed its six-year association with the Roxburghe. ``However, over that period we have consolidated our interests in our main areas of activity, particularly steel, electronics, property and sport,'' said Mr Murray.
``The opportunity has now presented itself to release capital invested in the hotel and I believe it to be in our best interests and those of the Roxburghe's staff to hand over control to a specialist operator within the sector.''
As a result of the deal, Paragon now has 35 hotels under direct ownership in the UK, with 10 in Scotland. The Scottish hotels include the Pickwick in Ayr and the Columba in Oban.
John Kay, a director of Paragon, said: ``We are delighted to acquire this landmark hotel in a prime Edinburgh location and especially pleased to add to our existing business interests in Scotland.''
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