A NEW 225-bed hostel is set to open on a historic street in Edinburgh this summer.

Safestay, the owner and operator of the international brand of hostels, said its new premised in Edinburgh “demonstrates an ongoing commitment” to expanding across the UK.

Speaking to The Herald, the group said: “Set to open in June 2024, Edinburgh Cowgate will be housed in a beautiful and spacious Grade A listed building, situated on one of the oldest thoroughfares in the Scottish capital.”

READ MORE: Scottish distillery hits milestone ahead of summer opening

It added: “Cowgate, historically used as the route for driving cattle to market since the 1490s, is now renowned for its vibrant pub, club, bar and restaurant and café scene.

“It’s conveniently located within walking distance of Edinburgh’s most popular attractions and sites, including the Royal Mile and Edinburgh Castle.”

Once renovations are complete, Safestay Edinburgh Cowgate will provide a café and bar as well as 225 beds in various room layouts.

This will include eight-bed dorms to two-bed private rooms with en-suite facilities.

The group announced in December it had agreed to acquire the freehold property, which until a few years ago operated as a hostel, for cash consideration of £4.3 million.

The company added that it knows Edinburgh well having owned and operated a 615-bed hostel for six years in the city until the Covid pandemic hit – at which point it was sold for £16m.

Chief operating officer of Safestay Peter Zielke said: “Opening in Edinburgh demonstrates Safestay’s ongoing commitment to expanding our portfolio in the UK and across Europe’s most exciting destinations.

“Safestay Edinburgh Cowgate will offer travellers the perfect blend of modern comfort and value for money, serving as an exceptional base from which to explore this culturally rich city.”

Larry Lipman, Safestay chairman, said at the time of acquisition: “We never wanted to leave Edinburgh for long and are delighted to return and link up with our other Scottish site in Glasgow.

READ MORE: Energy bill overpayment warning due to faulty smart meters

“Edinburgh is a truly stunning city and a key destination for millions of young travellers to visit.

“The property is superbly positioned right in the centre with easy access to all the main attractions and we feel confident, knowing this market as we do, that it will be a strong contributor to the group.

“Our trading performance over the last 18 months since we have been allowed to trade post-pandemic has shown that our market is in good health.”