The property, which is being developed with Create Developments, was given the green light on 8 February and is set to commence construction later in 2021.
Operating under Accor’s ibis red brand, the hotel will feature flexible social and working spaces.
Moreover, the establishment, which is due to open in 2023, will include a restaurant, bar, breakfast area, and parking for 125 cars and three coaches.
Phillip Lassman, vice president of development at Accor, said: “Create Developments has an outstanding track record of joint venture developments and we are looking forward to working with them.
“Ibis has always been a trailblazer in the economy hotel sector and the new design concept is a transformation of the brand. We are excited to see the evolution of the network in the UK.”
With “easy access” to Edinburgh Airport’s main terminal, the hotel reportedly offers the “perfect design and location” for international departures as well as providing a base to explore the city.