Leisure group Ruby Hotels and property management company Hunter REIM have confirmed plans for one of the biggest ever investments in Edinburgh’s Princes Street.

The £100 million project, unveiled last November, will see a 300-room hotel occupy units left vacant by Next, Zara and Russell & Bromley which relocated to the St James Quarter.

The developer is now seeking approval for the the luxury hotel over seven floors which will add to the transformational change taking place in the street after the negative impact of Covid and the growth of online shopping.

It will be the largest single investment in Princes Street since the Johnnie Walker Experience opened in the former House of Fraser department store in September 2021.

The proposal has been subject to a significant public engagement last year that included two major consultation events. The hotel is expected to open in 2026, later than initially indicated.

It will be the first Scottish location for Ruby which owns hotels in Amsterdam, Florence and Munich where it is based.

Other investment in the Princes Street area totals about £550m, and much of the redevelopment has been agreed since the council reviewed its city centre planning policies in 2021. Since then, a raft of new proposals including high end hotel and leisure facilities have been progressed.  

The proposed hotel will enjoy views across Princes Street Gardens, the Ross Theatre and to Edinburgh Castle and will adapt and add to the buildings that were previously home to Zara, Next and Russell and Bromley.

Speaking about the proposals Julian Mors, group director at Ruby Hotels, said: “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.”

The development has been progressed by independent property management company, Hunter REIM.

Andrew Moffat, the firm’s managing director, 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.

“We’re confident our proposals will help Princes Street turn a corner and help restore the vibrancy of Edinburgh’s most famous of streets.”

The proposals are being supported by Essential Edinburgh which runs the city’s successful Business Improvement District.

Chief executive Roddy smith said: “We’ve worked in close partnership with the city council to tackle the impact that the shift to online retail has had on Princes Street and the city centre.

“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. Whilst there’s no room for complacency, it’s delivering investment like this that will make Princes Street even stronger and more vibrant.”

A planning application has been submitted to the City of Edinburgh Council. It is anticipated that