The Resident Edinburgh: Hotel owners secure £22m loan to open new development

Popular hotel chain, Resident Hotels, is coming to the capital with plans to open their latest boutique accommodation in early 2024.

By Neil Johnstone
Wednesday, 22nd June 2022, 2:55 pm

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Renovation works are already underway at the west end site on Drumsheugh Gardens, transforming the former dilapidated HM Revenue & Customs office into a 166 bedroom luxury hotel.

The plans were made possible after owners, Mactaggart Family & Partners (MF&P), secured a £22m loan from NatWest Bank allowing their £50m venture to go ahead.

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The Resident Edinburgh is expected to open in early 2024

Their latest development in Edinburgh assumes a spot at the heart of the city near Charlotte Square.

The latest injection of money will facilitate extension to the 37,000 sq ft building, introducing additional floors and a rooftop area that will offer stunning views of the castle and other famous Edinburgh landmarks.

The Resident Edinburgh will be the sixth in Britain, with four top rated hotels already situated in London and one in highly touted residence in Liverpool.

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Meldrum House, which was built in the late 1950s, was used as an HMRC office until being vacated in April last year and in recent years has been covered with a protective overclad sheet as concrete cladding began to spall from the structure.

The new hotel will not only transform what some locals have labelled an eyesore but also plans to support the local leisure and tourism economy by not including a restaurant, bar or fitness facilities, encouraging guests to support local businesses.

William Laxton, UK CEO at Mactaggart Family & Partners, said: “We are excited to bring The Resident brand to Edinburgh, a fantastic and bustling city that is the perfect location for our business model.

“This development represents a significant move for our business as we continue to implement our ambitions for modern luxury and sustainable builds as we grow Resident Hotels across the UK.”

Mr Laxton added: “We are extremely grateful for the faith NatWest has placed in the operating model and project, particularly at an uncertain time for the industry during Covid.”

Anthony Say, Head of Hotels, NatWest Corporate Banking said: “We are delighted to be supporting this high-quality hotel operator and brand which will further enhance the rich hospitality offering within this iconic city, with a focus on environmental development as well as contributing towards regeneration of an historic area.”