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Malmaison Will Participate in the US$1.85 Billion Project in Scotland

News Malmaison, the chain of boutique hotels, has reported it will participate in the development of a grandiose £1 billion (around US$1.85 billion) complex that is aimed to transform the waterfront of Dundee, Scotland. The hotelier will open here it’s forth accommodation in the region. Malmaison will start working over the new hotel already this spring – the company will convert Tay Hotel, a decaying Victorian style building which is considered the local landmark.

The main aim of this complex is to reconstruct old buildings and add new structures that will help to connect the center of Dundee with the banks of the river. Malmaison already has hotels in Glasgow, Aberdeen, and Edinburgh. The appearance of this company in the Dundee project may attract other businesses to participate in this project.

The city’s government plans to create several large boulevards and squares full of different offices, cafes, restaurants and various entertainments. Among them will be a large new outpost of London’s Victoria & Albert museum, the budget of which estimates £45 million.

All luxury entertainments and accommodations may occupy the most beautiful part – Dundee waterfront. Meanwhile, the creators of the project state they have space near Dundee railway station for a mid-class hotel. The new hotel by Malmaison will start working in spring 2013. The 13th accommodation in the portfolio of the hotelier will create 150 new jobs during renovation phase and 120 regular jobs when the hotel starts working. The total sum of investment estimates approximately £15 million. The hotelier will operate the new hotel in accordance with a 35-year lease agreement that allows extending the time of leasing for additional 35 years.


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