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The Lorne Hotel has been sold to PL Glasgow Limited for an undisclosed sum by the joint administrators of Bellhill Limited, Blair Nimmo and Alistair McAlinden of Interpath Advisory.
The hotel was forced to close its doors in December 2020 due to the impact of the Covid-19 pandemic, and administrators from Interpath Advisory were subsequently appointed to the hotel’s owner, Bellhill Limited, in May 2021.
The 102-bedroom three star hotel is located on Sauchiehall Street, between Glasgow’s city centre and the popular West End district.
The property had been marketed for sale on behalf of the joint administrators by specialist business property adviser, Christie and Co.
As part of the marketing process, Christie and Co exposed the property to hotel operators, investors and property developers to “maximise the exposure” to potential buyers and to drive best value for the creditors of Belhill Limited.
Alistair McAlinden, joint administrator and head of the Hospitality and Leisure sector team for Interpath in Scotland, said: “Despite these being incredibly difficult and uncertain times for companies operating across the leisure and hospitality sector, the level of interest shown in this building from the outset of the administration has been remarkable.
“We pass on our best wishes to the new owners as they develop the building and we look forward to seeing it once more generate wealth and jobs for the city of Glasgow.”
Brian Sheldon, regional director at Christie and Co, added: “We were always confident that the sale of the Lorne Hotel would capture the imagination of operators and developers alike and we were proven to be correct. We leveraged our network of regional, national and international buyers to secure best bids from a diverse range of funded purchasers.”
