Hunter REIM wants to transform the former homes of Zara, Next and Russell and Bromley on 104-108 Princes Street into a new hotel.

The hotel will be leased to Ruby Hotels for its largest hotel and its European flagship.

The £100 million development will be the single largest investment in Princes Street since the Johnnie Walker Experience opened in September 2021.

It is anticipated that planning will be determined in the late summer or early autumn, with building work to begin next year and the hotel expected to open in 2026.

Hunter REIM was advised by Turley, 3DReid and PMP on the application. Net Positive Solutions has also been appointed to deliver the hotel as one of Scotland’s first net zero carbon hotels.

Julian Mors, group director of the hotel chain, 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.

“We’re delighted to be able to bring the Ruby brand of affordable luxury to Scotland’s capital.”

Andrew Moffat, managing director of Hunter REIM, said: “This is the biggest investment in Princes Street since the fantastic Johnnie Walker Experience.

“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.”