And yet another well-regarded hotel has been bought as the foundation for a new chain. We've seen the Waldorf-Astoria and the Hotel de Crillon spawn new hotel chains recently. Now the Scotsman Hotel in Edinburgh has been bought by Saudi billionaire Mohamed Bin Issa al-Jaber who plans to use the hotel as the flagship for a new chain. According to the Scotsman, the hotel was sold for £63 million. The new European hotel brand will also include La Tremoillé in Paris and the Berners Hotel in London which is undergoing a £32 million refurbishment.