The hotel will continue to operate under the Holiday Inn brand and will be managed by a subsidiary of the investment group called Hetherley Hotel Management (2HM), and will also undergo a comprehensive refurbishment program costing around £1.5m.
Charles Scudamore, principal of Hetherley Capital Partners, said: “We are thrilled to have acquired the Holiday Inn Express Strathclyde and are excited about the opportunity to comprehensively refurbish the asset.
“As well as bolstering our investment portfolio, this acquisition represents another important step for the continued growth of Hetherley and the development of our hotel management capability, 2HM. We look forward to working with IHG to drive the business forward.”
Jonathan Gain, CEO of Stellar Asset Management, added: “We are obviously delighted to have acquired another strong trading asset in such a good location. The hotel sector is an exciting space for us and one that offers our investors both yield and strong capital growth potential.”