According to to the group Glasgow remains one of the “best performing hotel markets” in the UK, but added there have been “relatively few hotel transactions” in the city and said it has been “gratifying to see the level of interest in the Indigo [brand]”.
Ramsay Duff, investment director at Maven, said: “This historical landmark building is located in the heart of one of the UK’s most vibrant and cosmopolitan cities. Maven has a strong commitment to Glasgow, with our headquarters here and with two other hotels including our recently opened ibis Styles Glasgow Centre West.
“We are delighted to have completed the sale, which has delivered attractive returns for investors, in part by the way we structured the transaction. The hotel was one of the very first developments to be funded utilising Business Premises Renovation Allowance and it is very satisfying to see it having come right through the entire process; from its original redevelopment, subsequent years of successful trading, and its ultimate sale.”