Date: June 2018
Location: St. Andrews Square, Edinburgh, Scotland, UK.
Name: The Edinburgh Grand
No. of Keys: 50
Seller: The former RBS building in St Andrew Square has been transformed into the Edinburgh Grand 11 years after closing.
The striking neo-classical building was built between 1936 and 1942, gaining inspiration from the banking halls of 1930s America. The imposing sandstone exterior reveals a grand interior with a vast atrium, original marble columns, bronze balustrades and dark wood detailing.
Buyer: Chris Stewart Group, owner of three other Edinburgh hotels – Old Town Chambers (also a collection of 50 serviced apartments), Motel One and Courtyard by Marriott Edinburgh.
In 2014, the Chris Stewart Group attracted the attention of global investment advisory group Proprium Capital Partners.
As well as investing significant capital, Proprium provides CSG with a funding partner for future opportunities.
Proprium Capital Partners LLC is an employee-owned real estate fund manager spun out from Morgan Stanley in March 2013 and currently advising funds which have a combined net asset value of approximately $3 billion.
Proprium and its affiliates manage funds for more than 50 institutional investors, including government and private sector pension and retirement funds, banks, family offices and sovereign wealth funds.
They have an Hawksmoor restaurant in the art deco surroundings of the former banking hall on the ground floor and the reservation-only Register Club, a suite of areas including a champagne and cocktail lounge, games room, snug and bar.
The Edinburgh Grand is part of The Registers, a regeneration project focused on the south east corner of St Andrew Square, and sits alongside The Mint Building, which when complete in early 2019 will provide over 60,000 sq. ft. of Grade A office space, additional restaurants and leisure space.
The final stage of the development is to upgrade the public realm to make West Register Street a safe and contemporary walkway from the Square through to the new Impact Scotland concert hall and Edinburgh St James area to the west of The Registers.
THPT Comment: A very interesting company that believes in high-end design and architecture…going places.
First Seen: Edinburgh News