The Crown Estate has bought the Ye Harte & Garter Hotel Windsor for £26m from a joint venture company controlled by Emma & Lewis Davis’s Central Investment Properties.

It bought the freehold property, which comprises 79-bedrooms and is opposite the historic Windsor Castle, at a net initial yield of 5.25%. It is undergoing a £5m refurbishment project which will complete later this year. Folio Hotels has a 35-year lease of the hotel business and Wagamama operates the ground floor restaurant.

The Crown Estate’s entire estate is valued at more than £6bn include 300,000 acres (120,000 ha) of agricultural land in England, Scotland and Wales.

Cluttons, Forsters and Christie & Co acted for the Crown Estate and Forster