Owners Mactaggart Family & Partners (MF&P) announced last year that it was developing Meldrum House on Drumsheugh Gardens, converting the former HM Revenue & Customs office into a 166-bedroom Resident Hotel, just off Charlotte Square.

The NatWest deal will enable Resident Hotels to complete the delivery of its new £50m The Resident Edinburgh venue, taking the group’s portfolio to six hotels including four in London and one in Liverpool.

The Resident Covent Garden is currently ranked the highest-rated hotel in London and the United Kingdom on TripAdvisor. Renovation works are underway in Edinburgh with an anticipated opening date of Q1 2024.

The brand is known for its luxury rooms led offering, focusing on what guests really want with an emphasis on British craftsmanship and design as well as strong sustainability credentials.

The financial backing from NatWest facilitates the extension and refurbishment of the building’s original structure to include additional floors, offering stunning views of Edinburgh Castle and the rest of the city, too.

Redeveloping the existing site will save approximately 40% of embodied carbon emissions within the building and around 697 tonnes of carbon dioxide when compared with a new build.

The professional team is also exploring the extensive use of glass recycled from the original building, whilst already preserving other materials from the existing structure to recycle and repurpose in future schemes.

The Edinburgh opening will provide significant local employment and bolster the capital’s leisure and tourism economy.

William Laxton, UK CEO at Mactaggart Family & Partners, said: “We are excited to bring The Resident brand to Edinburgh, a fantastic and bustling city that is the perfect location for our business model.

“This development represents a significant move for our business as we continue to implement our ambitions for modern luxury and sustainable builds as we grow Resident Hotels across the UK. We are extremely grateful for the faith NatWest has placed in the operating model and project, particularly at an uncertain time for the industry during Covid.”

Anthony Say, head of hotels, NatWest Corporate Banking, added: “It is fantastic to see The Resident debut in Edinburgh after what has been an extremely challenging time for the whole hospitality sector.

“We are delighted to be supporting this high-quality hotel operator and brand which will further enhance the rich hospitality offering within this iconic city, with a focus on environmental development as well as contributing towards regeneration of an historic area. We look forward to continuing to support The Resident’s ambitions in the future.”