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The plans were made possible after the owners, Mactaggart Family & Partners (MF&P), secured a £22million loan from NatWest Bank enabling their £50million business to go ahead.
Their latest development in Edinburgh occupies a place in the heart of the city near Charlotte Square.
The latest cash injection will facilitate the building’s 37,000 square foot extension, introducing additional floors and a rooftop area that will provide 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 located in London and one in a popular residence in Liverpool.
The Resident Edinburgh: new urban hotel to transform an ugly office block in West…
Meldrum House, which was built in the late 1950s, was used as an HMRC office until it was vacated in April last year and in recent years has been covered in a sheet of protective coating as the concrete coating began to peel from the structure.
The new hotel will not only transform what some locals have called an eyesore, but also plans to support the local leisure and tourism economy by not including a restaurant, bar or fitness facilities, encouraging customers to support local businesses.
William Laxton, UK CEO of Mactaggart Family & Partners, said: “We are delighted to bring The Resident brand to Edinburgh, a fantastic and vibrant city which is the perfect location for our business model.
“This development represents an important milestone for our business as we continue to deliver on our ambitions of modern luxury and sustainable construction as we develop Resident Hotels across the UK.”
Mr Laxton added: “We are extremely grateful for the confidence NatWest has placed in the operating model and the project, particularly at an uncertain time for the industry during Covid.”
Anthony Say, Head of Hotels, NatWest Corporate Banking, said: “We are delighted to support this high quality hotel operator and brand which will further enhance the rich hotel offering in this iconic city, with a focus on environmental development. and contributing towards the regeneration of a historic district.