Agreement for lease at Haymarket Development, Edinburgh

Descriptions

The Council intends to enter into an agreement for lease with The Prudential Assurance Company Limited (the Landlord) for a new hotel at Buildings 2 & 3, Haymarket Development. The new hotel development is to be built on land owned by the Landlord, and on completion leased to the Council for a period of 25 years, with the right to extend the lease for a further period of 5 years. The agreement for lease will include enforceable obligations on the Landlord relating to design and construction and the carrying out of infrastructure and external works in relation to the new hotel. The Council intends to grant a sublease to the Edinburgh International Conference Centre Limited (EICC), or a subsidiary of EICC, who intend to operate the new hotel.