Twenty14 Holdings, the Abu Dhabi-based hospitality investment arm of Lulu Group International, acquired the century-old Waldorf Astoria Edinburgh-The Caledonian in Scotland for approximately $118 million.
The company plans an additional investment of about $28 million to refurbish the property, expanding it by an additional 50 rooms.
Opened in 1903 as part of the old Princes Street Railway Station, the Caledonian currently has 241 rooms and overlooks Edinburgh Castle.
The renovation will begin in 2019 and is expected to take two years.
Design elements will include customized furniture, eclectic artwork and en-suite, marble bathrooms.
Other amenities will include two restaurants operated by Michelin-starred brothers Chris and Jeff Galvin, the Pompadour by Galvin and the Galvin Brasserie de Luxe, and a full-service Guerlain spa.
The Caledonian joins Twenty14 Holdings' portfolio of $650 million worth of luxury properties across the U.K., the Middle East and India.