Royal Over-seas League House at 100 Princes Street is to be converted into a luxury hotel by Red Carnation Hotel Collection.
The hotel is expected to open next year becoming the group’s first hotel in Scotland and its 19th property worldwide.
The hotel will take its name from its street address.
The existing building was designed in 1879 by Robert Patterson and bought in 1929 by the Royal Over-seas League. When the Duke of York opened the ROSL premises in 1930, it was the first mixed club in the city with 20 bedrooms, a bar and restaurant, and furnishings produced and made in Scotland.
Among the clubhouse’s Commonwealth guests were the prime ministers of Canada, Australia and New Zealand.
It was an active hub during the Edinburgh Fringe and provided prime viewing from its roof-top deck across to Edinburgh Castle during events such as the Edinburgh Festival Fireworks and Hogmanay Fireworks.
In January last year, with an estimated £2 million in repairs required and a further £3.5 million in refurbishment required, the 19,000 square foot property was closed.
Writing on the ROSL web site, Mark Brierley says: “Following extensive surveys from independent building specialists at the end of 2017 and beginning of 2018, it was found that the investment needed to bring the clubhouse up to modern compliance standards was too great for ROSL to meet, so the difficult decision was taken by Central Council to close the clubhouse permanently and put it up for sale.”
In place of its Edinburgh clubhouse, the 16,000-strong Royal Over-seas League have established a reciprocal agreement with the Royal Scots Club at Abercromby Place. It is also hosting a series of Fringe shows out of that venue.
"It has been a dream of ours to open a hotel in Edinburgh for some time, and with the best address in the city, it was well worth the wait," said Jonathan Raggett, managing director of Red Carnation Hotels.