St Andrew Square offices acquired for budget hotel
An A-listed office block in Edinburgh city centre has been sold with a plan to convert it into a budget boutique hotel.
The offices at 9-10 St Andrew Square, at the junction with Rose Street, have been acquired from Patrizia by a joint venture between a Tristan Capital Partners Fund and hospitality company Queensway.
The nine-storey building, which incorporates a supermarket on the ground floor, was designed by Basil Spence and Partners as the head office of the Scottish Widows Fund and Life Assurance Society in 1962.
It was later occupied by Scottish Life which was the last of the insurance companies to leave the square.
Tristan said: “St Andrew Square is a marquee location in one of the strongest hotel markets in Europe.
“We believe the addition of another Point A in the Scottish capital to complement our existing offer in Haymarket will be a positive for both our platform and the city of Edinburgh.”
Naushad Jivraj, CEO of Queensway, said: “We are thrilled to build on our existing partnership with Tristan Capital Partners’ fund and continue the expansion of the platform.
“St Andrew Square in Edinburgh is a prime city centre location with excellent economic and social activity. The acquired site will be redeveloped to provide consumers with a new budget boutique offering located in the heart of the city close to key attractions.
“Under the management of Queensway, the Point A Hotels brand is continuing to develop a high-quality product at great value, generating positive customer feedback resulting in strong occupancy levels.”