The existing 186 bedrooms will be revamped and the building expanded to the rear as part of a redevelopment which will include 101 additional bedrooms.
The plan includes the conversion of a nearby listed building into a new 131-bedroom NYX Hotel Edinburgh, the first of its kind in the UK.
The new NYX Hotel Edinburgh is a ‘lifestyle concept hotel’ and whilst it is part of the Israeli-based Fattal Hotels stable it will be operated by Jurys Inn.
Development work is expected to begin in the first half of 2019.