Fattal to invest GBP 32M in Jurys Inn Edinburgh and first NYX hotel in the UK
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Fattal Hotels, the owner of Jurys Inn, has announced plans to invest approximately GBP 32 million (USD 41 million) in the redevelopment and expansion of the existing Jurys Inn Edinburgh and its neighbouring site.
Listed in the Tel Aviv Stock Exchange (TASE) with a market value of EUR 1.2 billion (USD 1.38 billion), Fattal Hotels is one of the biggest hotel operators in Europe and Israel. One of its brands, Jurys Inn, operates 36 hotels including the Jurys Inn Edinburgh, which will soon undergo a redevelopment phase of approximately GBP 32 million. In Scotland, Jurys Inn has hotels in Aberdeen, Edinburgh, Glasgow and Inverness.
The announcement follows the group’s agreement to acquire the freehold of the Edinburgh hotel and adjacent land on Jeffrey Street from the William Pears Group for an undisclosed amount. The transaction is scheduled to be completed later this year.
Commenting on the acquisition and proposed scheme, Jason Carruthers, managing director of Jurys Inn, said: “We are pleased to have acquired the freehold of our very successful Jurys Inn Edinburgh hotel and the adjacent site, which will allow us to transform the site and significantly enhance our product offering and overall capacity in Edinburgh.”
As part of the million-dollar scheme, the property will undergo a major renovation of its existing 186 rooms and will include the addition of up to 101 rooms. The group also proposed the conversion of the adjacent building to a new 131-room NYX hotel and the development of 31 new residential units on the 1.2-acre site. The NYX Hotel Edinburgh will be the first NYX hotel to open in the UK.
“acquisition of the freehold there puts us in a strong position”
Carruthers further commented: “Our Edinburgh hotel already runs at over 95% occupancy and the acquisition of the freehold there puts us in a strong position to capitalise on the ongoing influx of tourists to the vibrant city of Edinburgh and to leverage the prime location of our hotel and the adjacent site, which we look forward to developing.”
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