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£7m funding for new city hotel

Maven Capital Partners has secured £7 million to fund the building of a new hotel in Glasgow city centre.

The empty Telfer House office building in the Merchant City will be refurbished into a 96-bedroom Ibis hotel, to be managed by RedefineBDL.

Maven said it was using benefits under the Business Premises Renovation Allowance.

That allows up to 100% capital allowances on costs incurred with the transformation of empty commercial properties.

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