Lease agreed for Hyatt hotel at Haymarket
Edinburgh Council has agreed a 25-year lease with M&G Real Estate and its property development partner, Qmile Group for the recently announced Hyatt Centric hotel to be built at Haymarket.
The seven-storey hotel will be the first Hyatt Centric 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 start, the 349-bed hotel is expected to create about 200 jobs and is scheduled to open in 2025.
In addition to the Hyatt Centric, the 200,000 sq ft 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.
Marshall Dallas, chief executive of the EICC, announced earlier this month that the EICC had signed the franchise deal with Hyatt Corporation, describing the hotel and school development as “central to the EICC’s future as Scotland’s leading conference venue”.
Paul Curran, chief executive of Edinburgh-based Qmile Group, says: “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.”
Aaron Pope, Director, 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 global office occupiers and tourists from around the world.”