Property developer Grosvenor said it has sold a site at the city-centre project to Queensgate Hotels, which plans to operate the hotel under the Hampton by Hilton banner.
The site has an existing hotel planning consent from Edinburgh City Council and the venue is scheduled to open in summer 2017, Grosvenor said, “generating jobs and further regenerating Fountainbridge”.
It added: “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.”
The deal with Queensgate comes after the city council granted planning consent for Grosvenor’s build-to-rent scheme in the former industrial area, unlocking the potential for up to 400 new homes.
Robin Blacklock, planning and development director for Scotland at 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.”
The firm was advised by property consultant Savills, whose hotels director, Rob Stapleton, said: “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.”