A CONTROVERSIAL Edinburgh hotel known locally as the “golden jobbie” has been put up for sale less than a year after opening.
The W Hotel in the capital’s St James Quarter has been put up for sale by owners Nuveen Real Estate after opening in November 2023 alongside their 25% stake in the shopping centre.
The company said that the hotel and shopping centre were “a resounding success story” and would continue to operate as normal.
The hotel is operated by Marriott International whose long-term agreement to manage the hotel will not be impacted by the sale.
It’s understood that Nuveen Real Estate is selling off its property investments, including its stake in the shopping centre which opened in 2021.
The hotel’s distinctive design – which features a copper-coloured ribbon which spirals around the outside of the building - has been a divisive feature of Edinburgh’s skyline since its completion.
While the previous building dating back to the 1960s was in need of replacement, some have criticised the unique design of the £1 billion development.
The hotel itself has been nicknamed the “golden jobbie” as well as the “walnut whip”.
However, Nuveen’s head of retail in Europe, Steven Wicks, said they were proud of the success of St James Quarter and the W Hotel.
“Having spent the last eight years investing to develop the now iconic quarter in the heart of Edinburgh, the time has come for us to sell our interest in line with our wider business plan for the development,” he said.
“The site and hotel are a resounding success story, both in terms of trading and the impact they have had on the city more generally, and we are immensely proud of the quarter we have created.
“Providing best in class amenities to the people of Edinburgh and all those who visit, while also creating thousands of jobs in the process, we have no doubt that the quarter will continue to flourish and benefit the local community.
“Both the hotel and shops will continue to operate as normal as we go through this process, with no impact to those working in, living in or visiting the space.”
Meanwhile, Mark Garmon-Jones, director of UK investment at estate agent Savills, who have been appointed to sell the hotel, described the sale as an “exceptional opportunity”.
“This is an exceptional opportunity to acquire an interest in one of the most exciting lifestyle quarters in the UK,” he said.
“We’re pleased to be working with Nuveen to find an investor looking to own a stake in this high-performing asset with top end quality residential aspects and a best-in-class retail and leisure experience.”
The hotel recently opened three new terraces which are set to feature live music throughout the summer.
