Malmaison has announced that it is to open its first new hotel since concluding a refinancing agreement last year.
An agreement to lease has been concluded for a new 91 bedroom hotel in Dundee, Scotland’s fourth largest city. The Dundee Malmaison is being created on the site of the old Tay Hotel, a listed city centre landmark building, and forms part of the £1bn Dundee Central Waterfront Development.
The vacant Tay Hotel is being redeveloped by MEC Services (International) Ltd.
The redevelopment will start in spring 2012 with completion expected in May 2013. On completion it will create 120 new jobs and become Malmaison’s 13th hotel.
Malmaison is to take a 35-year FRI lease with an option to extend for a further 35 years. The lease is based on five-year RPI-linked rent reviews that are capped and collared.
The agreement to lease has been concluded by Gary Davis who joined the Malmaison and Hotel du Vin group as chief executive last week.
He said: “My objective is to oversee an expansion of the Malmaison and Hotel du Vin business and expect that this new hotel will be the first of many for these fantastic brands.”
james.buckley@estatesgazette.com
