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S Hotels and Resorts has acquired the freehold of Mercure Glasgow City Hotel on Ingram Street from Alternative Income REIT for £7.5m.
The hotel comprises 91 rooms, a restaurant and bar, meeting and event facilities, as well as other amenities. Already operated by the purchaser, S Hotels and Resorts now has the flexibility to undertake a “significant refurbishment” of the property.
Steven Fyfe, director in the hotel capital market teams at Savills Scotland who handle the sale, said: “The Scottish hotel market has already seen a threefold increase in investment volumes so far in 2023, with transactions totalling £165m. This latest acquisition is proof that the sector remains resilient despite a decline in activity elsewhere in the UK.
“The purchase of the Mercure Glasgow provided a fantastic opportunity for S Hotels and Resorts to take ownership of the site and subsequently take advantage of Scotland’s booming tourism.”
