Situated at 109-112 Princes Street, the current site of a Debenhams store, the development would feature the four-star hotel, a rooftop bar and restaurant, and a pedestrian link to Rose Street, subject to approval.
The planning submission for the creation of a “vibrant hub” was first submitted to the City of Edinburgh Council in July, and has since undergone a three-month consultation period involving thousands of key stakeholders and members of the public.
Nida Rehman, development manager at L&G, said: “Our vision for Princes Street is to deliver a future proofed vibrant space that supports Edinburgh’s economic recovery and continues to promote it as an attractive place to live, work and visit.
“Our plans have been developed to create a space which all Edinburgh and Scottish residents can enjoy, whilst continuing to attract quality tourism to the city.”
The Marriott hotel is set to be designed in a way that ensures the preservation of the historically significant areas of the building.
Moreover, the development as a whole will aim to “invest in and improve” the Edinburgh city centre after a tough year that has forced some notable high street closures.
Roddy Smith, chief executive and director at Essential Edinburgh, said: “With the recent loss of key high street brands from Princes Street like Debenhams and Top Shop, it is clear that the only way we can avoid lengthy periods with high levels of vacant properties is to secure new investment in repurposed buildings and premises.
“There will be details to finalise, but investment on this scale will be a major shot in the arm for both Princes Street and Edinburgh.”