European hotel operator Carlton Hotel Collection is to open its first property in Edinburgh.
The company has formed a partnership with the EDI Group, a property development and investment business, and plans to develop a 98-bedroom boutique hotel on Market Street in the Old Town.
The development is expected to cost around £15m and is due for completion in September 2017.
Situated within the UNESCO World Heritage Site in a location that has been vacant for more than 50 years, the eight-storey hotel will feature a top floor lounge for guests to take in panoramic views across the city.
Lynn Smith, head of development at EDI Group, said: "We are thrilled to announce the partnership with the Carlton Hotel Collection on what will be a very important development for the city. Not only will it see the final completion of Market Street, it will also create employment opportunities both throughout construction and after opening."
Alfred Bree, managing director of Carlton Hotel Collection, added: "We are proud to open the luxurious lifestyle hotel at this magnificent location in Edinburgh. The group's long-term strategy is to grow our portfolio of unique hotels in key cities, and Edinburgh has been on our wish list for a long time. Together with our international awarded interior designers we will create a new hotspot for the modern conscious traveller, inspired by the city's cultural and historical elements".
Keith McBain, director at JLL Hotels & Hospitality Group - who advised The EDI Group - said: "The hotel will showcase the highest standard of accommodation in a building that has been designed to fit in with the outstanding heritage of its surroundings."
The EDI Group, which is based in Edinburgh, is owned by the City of Edinburgh Council.