For more than 50 years it was a derelict lot at the heart of one of the most iconic cityscapes in Scotland. 

But now the curtain has finally been drawn back on the new £20 million hotels which has risen from Edinburgh’s Old Town.

Standing eight storeys tall above the Unesco World Heritage site, the sandstone-clad Market Street Hotel has already drawn plaudits from architects and is now accepting bookings.

The 98-room building was built on an empty “gap” which had seen a number of failed attempts at development and has been selected as the first member of the Design Hotels organisation in Scotland – a global body which recognises hotels built with cutting-edge design and architecture.

The Herald:

The hotel was designed by JM Architects, with interiors by FG Stijl. It is part of the Carlton Hotel Group and is due to open in May, with bookings available from mid-June. Prices will start from £166 per night. 

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A nod has been given to Auld Reekie’s heritage, with the building’s champagne lounge, The Nor’ Loft, taking its name from the Nor Loch, which occupied the space where Princes Street Gardens can now be found, between the 15th and 18th centuries. 

General manager Jill Darling said: “We’re proud to call Edinburgh our home and to sit in such an enviable spot at the heart of this great city. 

“We don’t just want our guests to experience our hotel, our location means they can explore all that the capital has to offer, from its rich history and culture to its sparkling restaurant and bar scene.”

Market Street is the latest in a number of multi-million-pound developments taking place in the city, with fresh life being breathed into the now-demolished St James Quarter on the other side of Waverley Station.

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Here, an £850m development is due to be completed by 2020, comprising 850,000 sq ft of retail space, anchored by a John Lewis store.

It will also feature a multi-screen cinema, a 214-room hotel and 150 private apartments.

The Herald:

The firm behind the scheme, TH Real Estate, bills the work as one of the largest and most significant regeneration projects underway in the UK, and claims to have invested almost £112m in locally sourced building materials and workforce. 

Up to 5,000 construction jobs are being created during the building of the new quarter. In the longer term, the development is expected to create more than 3,000 permanent full-time jobs in a variety of sectors. 

A total of 31,737 tonnes of material from demolition – the equivalent of 21,158 small cars or 264 blue whales – has been recycled and reused onsite for building purposes. 

More than 2,800 people have been or still are working on the site, 80 per cent of them living within 100 miles of the project.

And nearly 800 days’ work experience has been provided for local schools, universities and graduates.

However, there has been controversy over one of the proposed buildings.
Developers have been given the go-ahead to build a tall tower-style hotel clad in a spiralling strip of bronze-coloured stainless steel.

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Dubbed the Ribbon Hotel, the building has divided opinion, with some likening it to a walnut whip, others saying it looks more like a “dog t***”. 

Market Street Hotel is hoping its own design is more favourable with locals. Ms Darling added: “We’re creating a space with a truly unique, vibrant and infectious energy and we’re thrilled to now offering city dwellers and urban explorers the chance to be among the first to stay with us.”