M&G Real Estate and its property development partner, Qmile Group, said on Monday that they have received approval from the City of Edinburgh Council for a 25-year lease on a 349-bed Hyatt Centric hotel at Haymarket Edinburgh.
The seven-storey hotel will be the first Hyatt Centric – Hyatt’s range of modern boutique hotels which are located in the heart of some of the world’s most visited cities – in Scotland and will be managed and operated by the Edinburgh International Conference Centre (EICC) under a franchise agreement with Hyatt Hotels Corporation.
With construction due to commence imminently, the hotel is expected to create around 200 jobs and is scheduled to open in 2025.
In addition to the Hyatt Centric, the 200,000 sq ft (18,580 m2) building will also be home to a hotel school and training academy, which will create training and employment opportunities for workers in the city’s leisure and tourism industry.
Aaron Pope, director of asset management at M&G Real Estate, said: ‘To have fully pre-let the hotel and office space at this relatively early stage demonstrates not only the attractiveness of the development, but also the strength of the Edinburgh real estate market, which continues to draw office occupiers and tourists from around the world. We look forward to working with our occupiers and Qmile to deliver a mixed-use development which is centred around sustainability and wellbeing. We will also continue to use our knowledge and expertise as an asset owner and asset manager to identify further opportunities where we can provide sustained income for our customers and clients.’
