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Calton Hill is in central Edinburgh, just to the east of the New Town. The views of the city are very fine from the top.
The hill has several important monuments and buildings on it and around it: the National Monument ( Link ), Nelson's Monument ( Link ), the Dugald Stewart Monument ( Link ), the New Parliament House (the Royal High School), the Robert Burns Monument, the Political Martyrs' Monument and the City Observatory ( Link ). Many of the monuments are the work of William Playfair.
On the eastern end of the hill are excellent Georgian Terraces (Regent Terrace, Calton Terrace, Royal Terrace), which were also built by William Playfair and are all Grade A listed. Link
Wikipedia: Link

Classically, beacons were fires lit at well-known locations on hills or high places, used either as lighthouses for navigation at sea, or for signalling over land that enemy troops were approaching, in order to alert defences. As signals, beacons are an ancient form of optical telegraphy, and were part of a relay. Many hills in the UK are called Beacon.