There are four suites available, charging between £1000 and £2500 per night, each has a dining room of its own and its very own chef, taught by Roux himself.

The wine cellar is something to behold also giving guest a generous choice of tipple. Why not have a dabble in the 2000 vintage Chateau Latour at £2585 a bottle.

The £5m venture begun with business woman Alison Davies, who wanted the suites to feel more like an up class apartment rather than a hotel. She is in no doubt that the risk will be worth it, even with the current economic climate. She states that they already have bookings and hopes that word will travel fast; taking pride in the fact that nothing in any of the suites is shop bought and all is chosen by hand.

Managing director of the firm that will run the hotel, Norbert Leider, is confident that what they have to offer has already attracted tourists as well as corporate clients. He says: “We offer an experience of complete privacy, a hard thing to get with a larger hotel. Our hotel is small however the suites are a great deal larger than ones you might find in a larger hotel. We will not be having our guest in public areas which means they will not be seen by anyone.”

“Most of our clients will be looking for an experience of solitude, but will also want the luxuries that we have to offer.” He adds: “We have a completely different experience for our customers and should not be viewed as competition for other hotels in Edinburgh.”

Back to the suites then, we discover in each of the rooms a 60inch 3D television for the ever popular rainy days in Edinburgh and a Bulthaup kitchen designed by Glasgow based Cameron interiors.
The suites are named the Palmerston, Abercromby, Dundonald and Cluny. Abercromby hosts its own private garden, designed by the Laurent Perrier Chelsea flower award winner, Luciano Giubbilei
(CORR), nesting in its grounds an outdoor fireplace and a hot tub.

Peter Reed is the bed linen designer; he is one of the UK’s most experienced textiles manufacturer, which is why prices of £35.00 per pillow case and £300 for a basic sheet are justified.
For the whiskey connoisseur, Dundonald suite is equipped with its very own tasting room, prices starting from £40 a dram.

Pete Irvine, author of Scotland the Best, said:”The Atholl is ambitious given the current times, but this does not mean it won’t be a massive success. Contrary to popular belief there is still a lot of money around and it is feasible some people will think nothing of the prices. Edinburgh, next to London, is still one of very few cities in the UK that is still afloat with tourism.”

Visitscotlands, James Lackie is also supporting the venture. He says:”Why shouldn’t Edinburgh have a high end hotel for those looking for some luxury?”

“There should be no reason for any complaints if the service remains consistent with the price tag and it’s great to see that Scotland is seeing continued investment in tourism and consequently is great news for the industry”.

51% of small firms questioned, said that late payment of invoices is a major concern, 16% stating they were almost put out of business because of belated payers. The effect of late payments are consequently having a knock on effect, as 56% of the small firms that were not paid on time have been forced into making late payments to their own suppliers.

Graydon UK’s Gordon Skaljak states: “It is more important than ever, in the current economic climate, that companies understand the opportunities and risks connected to their actions. They must clearly identify cash flow and other risks, sparked by trade invoices being overdue.”

“It is not possible for companies to gain sustainable growth if consistent payment deadlines are not in place. It is of great importance that a formal credit management process, based on accurate, reliable consumer payment behaviour is implicated . This is beneficial as businesses who wish to transact with confidence, will, as a result achieve their sustainable growth and achieve their potential.”

“There are credit reference agencies, such as Graydon UK that will counsel businesses on managing this risk, however the business community and the government must work together to stamp out the UK’s late payment culture”.

The blame cannot all be placed on the consumer though. Firms are aware that there are steps they could take to reduce the problem but none of the firms questioned are taking a practical approach.
97% (almost all) believe prompt invoicing is the most effective way of ensuring payment is made on time. Following this telephone contact with the customer after the invoice has been issued (79%), Credit checks (76%) and denying all future work until the account has been cleared (61%).

Phil Orford (chief executive of FPB) said: “two very important things need to be done – firstly, educate business owners in ways they can proactively reduce late payments, including tough cash flow management procedures, and invoicing on time and appropriately. We then must facilitate businesses by providing support and services to so that tackling late payment is a standardised business process. “

“Second to this we must convince large corporations, that by paying their suppliers on time and in full, and appropriately change terms and conditions, so that punctual and proper payments runs down the supply chain. “

“These aims are fully set in our sights and our commitment to working with other agencies as well as the government is a huge priority.”

The highest premiums will be in London, 54%, but surprisingly Edinburgh will still see a rise of 28%, and Manchester on 8%.

So if you want to travel to London, or to another city, to join in the festivities, then you will have to shop smart to find the best deals.

Remember the parties and festivities will be held all over the UK, so careful planning may bring a cost effective solution, so everyone can join in the fun.

TravelClick, a hotel industry market intelligence provider, has shown that both demand for rooms, and room rates are soaring in the nations capitol.

But surprisingly the committed occupancy is only 55.4%, meaning there are still many rooms available. Event the most heavily booked date so far, August 3rd 2012, still has 41.4% of rooms available.

TravelClick has warned that Hoteliers have to careful of overpricing their rooms, to ensure full occupancy, and maximising profits during this once in a lifetime period for the London Tourist Industry.

Ten tenders arrived on the scene, along with 12 police officers, to try and contain the fire around noon. So far there have been no reports of injuries, and thankfully all staff and guests are accounted for.

Nearby homes and businesses have had to be evacuated.

It is not yet clear which insurer will be bearing the cost of this blaze, which loss adjusters have been appointed, and what the total cost of the claim is likely to be.

But with the Combined Material Damage, and the business interruption claim for the hotel and surrounding businesses likely to be quite high, it is likely there will be an announcement from the UK Insurance industry shortly.

This couldn’t come at a worse time for the hotel industry, as poor risk control in the industry has been threatening to drive premiums up for some time now, and this will only add to the burden.