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City of Edinburgh Council Agrees 25-Year Lease For Scotland’s First Hyatt Centric Hotel

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City of Edinburgh Council Agrees 25-Year Lease For Scotland’s First Hyatt Centric Hotel

City of Edinburgh Council Agrees 25-Year Lease For Scotland’s First Hyatt Centric Hotel
June 20
09:03 2022

The City of Edinburgh Council has agreed a 25-year lease for a 350-bed Hyatt Centric hotel at Haymarket Edinburgh. As the first such property in Scotland, the hotel is part of M&G Real Estate’s £71bn private and alternative assets business 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 200,000 sq ft building is expected to create around 200 jobs and is scheduled to open in 2025.

Aaron Pope, Director, Asset Management at M&G Real Estate, said: ‘The Haymarket area provided us with an opportunity to work with Qmile to transform this underused area of the city into a high quality destination for those who visit, live and work in Edinburgh.

‘To have 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.’

EICC Chief Executive, Marshall Dallas, added: ‘Hyatt Centric Edinburgh Haymarket will be a cornerstone for attracting local and international travellers and we are thrilled to work with Hyatt, M&G and Qmile Group on what will be the first Hyatt hotel in Scotland.’

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Catering Scotland

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