Mactaggart Family & Partners (MF&P) has exchanged contracts to purchase the latest location for Resident Hotels.
The property, the Resident Edinburgh, is due to open in 2024 after a full repositioning of the building.
The 166-room property will take the group’s UK portfolio up to six hotels and demonstrates Resident Hotels’ commitment to Scotland’s capital.
MF&P acquired the building from the development arm of Mapeley, which owns and manages one of the largest commercial portfolios in the UK.
The feuhold site, Meldrum House on Drumsheugh Gardens, was constructed in the 1960s as the Edinburgh office headquarters of Her Majesty’s Revenue & Customs.
William Laxton, chief investment officer of MF&P, said: “Edinburgh – and this micro location within it – is perfect for the Resident guest product and operating model and we are thrilled to be bringing our amazing team to this world class capital city.
“The acquisition and development adds to our momentum, having rebranded the group in early 2020.
“The transaction also demonstrates our belief in the operating model, at a time we begin the implementation of our ambitions to grow Resident Hotels as an operator of third party owned hotels.”
The new hotel is designed by…