Apex Hotels has raised £54m for its expansion with the sale and leaseback of its two properties in the Grassmarket in Edinburgh.

The two four-star hotels, Apex International and Apex City, have been acquired by Northern Ireland property investment company WG Mitchell.

Apex is now looking to expand to UK locations which offer a mix of corporate, leisure and conferencing business.

The company also owns and operates the Apex European in Edinburgh’s West End, the Apex City Quay Hotel & Spa in Dundee and the Apex City of London near Tower Bridge.

The Dundee hotel was a new-build project while the others have all been office or university building conversions. Details: www.apexhotels.co.uk