PROPERTY development firm Crucible Alba Group has announced it is to build a new hotel at South Gyle, Edinburgh.
The 70-room hotel has been pre-let to Travelodge on a 25-year contract and is to open in autumn 2019.
The new hotel will be sited on land purchased from pub retailer and brewer Greene King, who recently developed a new Farmhouse Inn on the adjacent plot.
Sandy Cameron of Sandy Cameron Property Consultants, who acted on behalf of Travelodge, commented, “Travelodge have been keen to secure a hotel in this area for some time. This site is ideal as it will appeal to business travellers and to tourists with the added bonus of being close to Edinburgh International Airport.”
Brian Robinson, development director at Crucible Alba Group added, “This is an excellent development for all concerned; for our forward funder, for the tenant, Travelodge Hotels, and for Greene King as their Farmhouse Inn will benefit from having the hotel next door.
“The location of the hotel is extremely strong, being within two miles of Edinburgh International Airport and adjacent to the successful Edinburgh Park business district.”
The project is fully funded by LXI Reit plc. Travelodge’s 25-year unbroken lease has five yearly Consumer Price Index (CPI) linked rent reviews, which are capped and collared at 4% and 1% respectively.
Crucible Alba Group confirmed that all necessary consents are already in place, with construction on site to commence “as soon as possible”.