Date Created: 06 June 2012
“That a globally recognised hotel chain has chosen to expand further in Scotland is testament to our increasing reputation as the ideal place to grow and do business” - Anne MacColl, Chief Executive, SDI
Malmaison, the lifestyle hotel company owned by MWB, has announced it is to open its fourth Scottish hotel since concluding a refinancing agreement last year and the appointment of Gary Davis as the hotel group’s new chief executive.
An agreement to lease has been concluded for a new 91-bedroom hotel in Dundee, Scotland’s fourth largest city.
The new Dundee Malmaison is being created on the site of the old Tay Hotel, a listed city centre landmark building, and is part of the substantial £1 billion Dundee Central Waterfront Development that forms an integral phase in the city’s multibillion regeneration of its historic waterfront which includes a new £45 million V&A museum.
The vacant Tay Hotel is being redeveloped by M.E.C. Services (International) Ltd. The developer will work closely with the Malmaison team to create an international standard lifestyle boutique hotel.
The redevelopment will start in spring with completion expected in May 2013. On completion it will create 120 new jobs and become Malmaison’s 13th hotel.
Malmaison is to take a 35-year FRI lease with an option to extend for a further 35 years. The lease is based on five-year RPI-linked rent reviews that are capped and collared.
First Minister Alex Salmond said: “MWB’s decision to open a new Malmaison in Dundee reflects the significant opportunities for development and growth in the city. The city’s successful games sector and the creation of the V&A at Dundee strengthen its reputation as a centre for the creative industries and its ability to attract new investment and visitors.”
Anne MacColl, Chief Executive of Scottish Development International said: "That a globally recognised hotel chain has chosen to expand further in Scotland is testament to our increasing reputation as the ideal place to grow and do business.
“Scottish Development International is delighted to have been able to bring about the connection between the Tay Hotel developer and a brand as prestigious as Malmaison to allow this project to proceed - representing another major boost for Dundee. We look forward to continuing to work with the company in the future to help it realise its ambitious growth plans in Scotland.”
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