Edinburgh Council Agrees to 25-year Lease for Scotland’s First Hyatt Hotel
Main Photo: The new Hyatt Centric – imagined
Date: June 2022
Name: Hyatt Centric Edinburgh – opening 2025
Location: Haymarket, Edinburgh, Scotland, UK
Number of Keys: 349
Seller: TBA
Buyer: M&G Real Estate in partnership with developer – Qmile Group
The City of Edinburgh Council has agreed to a 25-year lease with M&G Real Estate and its property development partner, Qmile Group, for a 349-bed Hyatt Centric hotel at Haymarket Edinburgh.
“Scotland’s first Hyatt Centric will be an excellent addition to Edinburgh’s world-famous hotel, leisure, and tourism sector, adding capacity and additional hospitality, conference and bar facilities,” said Paul Curran, chief executive of Edinburgh-based Qmile Group.
The seven-story hotel will be the first Hyatt Centric – Hyatt’s range of modern boutique hotels 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 scheduled to begin soon, the hotel is expected to create about 200 jobs and is scheduled to open in 2025.
In addition to the Hyatt Centric, the 200,000-square-foot 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, asset management at M&G Real Estate, said, “The Haymarket area of Edinburgh provided us with an opportunity to work with Qmile to transform this area of the city into a high-quality destination for those who visit, live and work in Edinburgh.
“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 centered around sustainability and well-being. 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.”
Price: Undisclosed
THPT Comment: Unusual, but not unheard of, for an international venue, such as EICC, to manage and operate a hotel of this size. Interesting to note the new hotel is not adjacent to, but is close to the conference venue itself, especially as there has been the Sheraton there since the EICC opened.
First Seen: Institutional Real Estate
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