Wednesday, July 17, 2024
Wednesday, July 17, 2024
HomeNewsNew Hotels & Development£100m Ruby Hotel set to "revitalise" Princes Street

£100m Ruby Hotel set to “revitalise” Princes Street

Edinburgh’s Princes Street is set to undergo a major transformation with a £100 million investment as Ruby Hotels and property management company Hunter REIM confirmed that the planning application has been submitted to the City of Edinburgh Council. A decision is anticipated in late summer or early autumn.

The luxury hotel will span seven floors and boast views of Princes Street Gardens, the Ross Theatre, and Edinburgh Castle. It is expected to open in 2026, following the public engagement and consultation process in 2021 and subject to planning approval. This new hotel represents German-based Ruby Hotels’ first foray into the Scottish market, joining their existing properties in Amsterdam, Florence, and Munich where it is based.

The project, which was unveiled last November, will introduce a luxurious 300-room hotel in the spaces previously occupied by Next, Zara, and Russell & Bromley. This investment marks the largest on Princes Street since the opening of the Johnnie Walker Experience in September 2021.

Julian Mors, Group Director at Ruby Hotels, commented, “Edinburgh is one of the most vibrant tourism destinations in Europe and Ruby Hotels looks forward to creating a must-visit destination for residents and visitors in the heart of the city.”

Andrew Moffat, Managing Director of Hunter REIM, shared similar enthusiasm, stating that the project would “help Princes Street turn a corner and help restore the vibrancy of Edinburgh’s most famous of streets.”  He said, “We’ve been delighted at the support and enthusiasm we’ve seen to transform Princes Street, which like many shopping destinations, has suffered from a changing retail landscape as well as the impact of the global pandemic.”

In addition to the hotel, the development will also include retail spaces on the ground floor and a rooftop bar offering stunning views. The project is expected to generate over 150 jobs during construction, with an additional 250 permanent roles once the hotel and retail spaces become operational.

Roddy Smith, Chief Executive of Essential Edinburgh, which runs the city’s Business Improvement District, emphasised the importance of this investment in revitalising Princes Street and the city centre. He said, “These proposals are the latest in a wave of new development in the city centre, which has bounced back quicker than any other city centre in the UK outside London.”

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