Grosvenor Britain & Ireland (Grosvenor) has sold a hotel development site in Fountainbridge, central Edinburgh to Queensgate Hotels (Queensgate).
The site has an existing hotel planning consent from Edinburgh City Council. Queensgate plans to operate the 228 room hotel under the Hampton by Hilton banner.
The hotel is scheduled to open in summer 2017, generating jobs and further regenerating Fountainbridge, a former industrial area close to the City centre. The hotel forms part of Grosvenor’s Springside mixed-use development and is well-located for the central business district, Edinburgh International Conference Centre and a host of famous landmarks.
Robin Blacklock, Planning and Development Director Scotland for Grosvenor Britain & Ireland, said: “This marks another milestone in the transformation of Fountainbridge. The hotel will benefit from close proximity to all of the amenities of the central City and will bring further jobs and vibrancy to the area.”
Grosvenor was recently granted planning consent by Edinburgh City Council for up to 400 new homes adjacent to the hotel site in Fountainbridge. 250 homes for sale, affordable homes, serviced apartments, private rented homes and two student residences have already been delivered at the site.
Grosvenor was advised by Savills. Rob Stapleton, Hotels Director at Savills, says: “We are pleased to have supported the major revival which is underway in Fountainbridge by working alongside the Savills team in Edinburgh to secure the sale of this high-quality hotel development opportunity. With significant residential development and landscaping underway plus the addition of high quality commercial accommodation in the future, this area is a prime location for a new hotel.”
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Notes to Editors
Grosvenor Britain & Ireland
Grosvenor Britain & Ireland is part of the Grosvenor Group.
Its mission is to create and recreate inspiring places and neighbourhoods, delivering value for customers, shareholders and co-investors with its place-making expertise.
It owns, develops and manages a diverse property portfolio in cities across Britain and Ireland. Business units are focused on its London estate - 300 acres of Mayfair and Belgravia in the heart of the UK’s capital - and developments elsewhere in London, Edinburgh, Liverpool, Oxford, Cambridge and Southampton. As at 31 December 2014, Grosvenor Britain & Ireland had £5.2bn of assets under management.