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UK: Real estate investment and development company Martin Property Group has acquired the Virgin Hotel on 264 Clyde Street, Glasgow out of receivership for an undisclosed sum.
The luxury 17-storey hotel opened with 165 bedrooms (with capacity for up to 242) in August 2023. It closed the following December when the property’s former owner, Lloyd Developments, fell into administration.
Property consultants Graham + Sibbald represented Martin Property Group in the deal.
Anthony Jackson, investment director for Martin Property Group, said: “The hotel was a perfect fit for our investment and development criteria, Graham + Sibbald’s local knowledge and specialist national hotel expertise played a key part in facilitating the deal. We intend completing the hotel and reopening it as soon as possible.”
Hugh Anderson, hotel and leisure partner, Graham + Sibbald, said: “The Virgin Hotel provides a great market opportunity for our client. We look forward to continuing to work with the team to ensure a successful completion and reopening.”
Peter Fleming, investment director, Graham + Sibbald, added: “Glasgow remains a robust market for investors and it will be great to see the building being used again for its intended purpose. We wish the team at Martin PropertyGroup all the best with the reopening of the hotel.”
