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The former Virgin Hotels Glasgow site has been sold to Martin Property Group following an “extensive” marketing process.The 17-storey hotel, which overlooks the River Clyde, features 240 guest bedrooms (165 of which are completed), as well as a ground floor restaurant and bar, mezzanine bar and lounge, terrace area, and conference and meeting facilities.
Joint administrators of Lloyds Developments Limited, Geoff Jacobs and Richard Heis from advisory firm Interpath, were appointed to handle the sale.
Geoff Jacobs, managing director at Interpath and joint administrator of Lloyds Developments Limited, said: “The hotel occupies a prime position on the Glasgow riverfront. We look forward to seeing the hotel back in operation and wish the purchaser every success in the future.”
The hotel was first brought to market last year following its sudden closure in December 2023.
The hotel launched in August 2023 but closed following four months of operation leaving 130 employees redundant before Christmas 2023.
At the time, Steven Fyfe, director in the hotel capital markets team at Savills Scotland, said: “This is a rare chance for a purchaser to secure a prime asset that has been fitted out to an excellent standard in line with a luxury lifestyle hotel with the possibility of being in an income producing position from day one.
“Situated in a prime location within Glasgow city centre, the hotel is just a short walk from Glasgow Central Station and Buchanan street, as well as being in close proximity to all of Glasgow’s key demand drivers. Given it’s excellent credentials, we anticipate a significant level of interest from a global pool of buyers.”
