The 100-year old hotel will be renamed as The Caledonian, A Waldorf Astoria Hotel following its restoration, which will mainly include a number of additions and improvements to its public spaces, rooms, spa and restaurant.
Hilton Worldwide has already spent £10m on refurbishing the hotel, which has remained open throughout, and plans to spend a further £14m before its relaunch.
Patrick Fitzgibbon, senior vice president development, Europe & Africa, Hilton Worldwide, said: "Edinburgh is a truly international and sophisticated city and we are delighted to have the opportunity to showcase our famous luxury brand in this major UK market, at a property with over 100 years of history as an upscale hotel. We've also seen good momentum with both DoubleTree by Hilton and Hilton Garden Inn in Scotland and look forward to building on this success through our portfolio of brands."
The 241-bedroom hotel will be the third luxury Waldorf Astoria property in the UK for Hilton, which also operates London Syon Park and Waldorf Hilton Hotel London, and the group’s 25th in the world.
John Vanderslice, global head of luxury and lifestyle brands at Hilton Worldwide, said: "The introduction of the Waldorf Astoria Hotels and Resorts brand to Scotland demonstrates the realisation of our aggressive growth strategy which brings these authentic and unique products, and guest experiences, into markets where we believe there is significant growth potential in the luxury sector.
“The Caledonian will bring the core values of the brand to life, unified by our extraordinary service and singular experiences, through its distinct character, location and charm."
Hilton also plans on opening a further nine Waldorf Astoria properties around the world by the end of 2014, including the Waldorf Astoria Sevilla at La Boticaria in Spain later this year, and properties in Berlin and Jerusalem in early 2012.