Safestay, the owner and operator of an international brand of contemporary hostels, has acquired acquire the freehold of its 15th hostel, currently operating as ‘Best Western Glasgow City Hotel’, for £3.15m.
The acquisition of the 52-bedroom hotel is part of the group’s strategy to create a pan-European network of premium hostels in leading cities. Located on Elmbank Street in the heart of the City, the hotel is a short walk from Charing Cross railway station providing fast transport links to Edinburgh and other regions.
Safestay already operates a site in Edinburgh and said the acquisition of the hotel is a “natural extension” enabling the group to market both cities. As with the acquisition of other hotels by Safestay, the company intends to convert this site into a hostel and outline planning permission already exists for conversion into a 200 bed hostel.
Larry Lipman, chairman of Safestay, said: “Given the success of our 615 bed Edinburgh hostel which we acquired in 2015 and now considered to be a flagship site within our portfolio, we have been looking for sometime to find the right site in Glasgow.
“We are therefore very pleased to have secured this excellent building which is ideally suited to being a hostel, providing an excellent base to explore Glasgow from. We very much look forward to Safestay Glasgow becoming part of the portfolio.”