Boutique hotel brand, Resident Hotels, has secured a multi-million-pound loan with NatWest for the development of its first Edinburgh location.
Owner Mactaggart Family & Partners (MF&P) announced last year that they were developing Meldrum House on Drumsheugh Gardens, converting the former HM Revenue & Customs office in to a 166-bedroom Resident Hotel, just off Charlotte Square.
The £22 million NatWest deal will enable Resident Hotels to complete the delivery of its new £50 million The Resident Edinburgh venue, taking the group’s portfolio to six hotels including four in London and one in Liverpool.
Renovation works are underway in Edinburgh with an anticipated opening date of Q1 2024.
The financial backing from NatWest facilitates extension and refurbishment of the building’s original structure to include additional floors.
What they said
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. 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: “It is fantastic to see The Resident debut in Edinburgh after what has been an extremely challenging time for the whole hospitality sector.
“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. We look forward to continuing to support The Resident’s ambitions in the future.”