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The first major new downtown Edmonton hotel in a generation finally welcomed its inaugural guests Thursday, a couple of years later than expected.

Constructing the eye-catching Hyatt Place Edmonton on 96 Street was delayed by underground gasoline contamination and city permit holdups. No other private development in the surrounding Quarters has occurred.

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But owner Prem Singhmar, who held a groundbreaking ceremony for the project in 2012, is hopeful his $55-million investment will be worthwhile

“There are challenges with the location, with the traffic, with the (Valley Line) LRT, but we have to work through it,” he said during a tour of the 13-storey building overlooking Jasper Avenue.

“You can’t see the future, but I think it’s a good product. I think it’s a good addition to the city. I hope it will pay off.”

It’s the first location in Canada for the Hyatt Place brand, which Singhmar chose because guests can pay a more moderate rate — around $200 a night — for more moderate amenities than at luxury competitors.