Such was its grandeur that it famously became the Scottish starting point for the 1955 Monte Carlo rally.

But the magnificent Georgian headquarters of the Royal Scottish Automobile Club in Blythswood Square built in 1823, has been vacant since the RSAC went into administration in 2002.

The failure of its first new owner, a private developer, to transform the building into individual apartments, only added to its air of neglect.

Now, however, it is set for a dramatic change of direction. Peter Taylor, creator of some of Edinburgh’s top hotels, is gearing up to unveil the former RSAC building as Glasgow’s first five-star luxury hotel.

Due to open at the end of this month, it will have 100 rooms, a spa, a 150-cover fine-dining restaurant – and the fully refurbished Salon and Rally Bars. A new suite of conference rooms is to be named the Monte Carlo suite.

The central gardens overlooked by the hotel, to be named Blythswood Square, are also to be restored to their former Georgian glory.

Taylor is chairman of the privately-owned Edinburgh boutique hotel group the Town House Collection, which owns Channings, the Bonham, the luxury five-star Howard and the five-star Edinburgh Residence. He snapped up the former RSAC building for £5 million in 2006 and has spent £25million on restoring it to its former glory.

“When we bought the building it was like an old lady needing lots of TLC,” he told The Herald. “Our vision is to bring it back to what it was then, but with a contemporary twist. We’re paying homage in a major way to the history of the building but without going overboard.

“We’ve gone the extra mile to create Glasgow’s only five-star hotel. Hopefully, we’ll get five Red stars before long, and we look forward to accreditation from the AA Guide and VisitScotland.”

Originally built as four classical townhouses in 1823, the RSAC purchased one of them in 1910 and gradually bought the remaining three. The architect James Miller was commissioned in 1926 to remodel the whole terrace as the club headquarters, creating the central entrance and two side entrances. It was finished in 1927.

Taylor, who graduated from the Scottish Hotel School at Strathclyde University in 1961 has been working with Historic Scotland to ensure the building’s original marble floors, fireplaces and staircases, light fittings, brass and bronze banisters, pillars, friezes and cornices, mirrors and windows remain intact. Bedrooms will feature Italian marble bathrooms and all soft furnishings are by Glasgow design studio Graven Images, using fabric from Harris Tweed Hebrides.

Some £3000 has been spent on cleaning up the marbled reception floor alone. In a nod to contemporary Glasgow, the original crystal chandelier on the main stairway is being refurbished and elongated with Swarovski crystals so that it cascades down the space of three entire floors.Local and seasonal Scottish ingredients will feature on the menu of head chef Dan Hall.

Seven of the en suite bedrooms, with prices ranging from £450 to £1500, will feature a wall-size black and white photograph of the start of the 1955 Monte Carlo rally, purchased from The Herald photographic archive.

The new hotel’s phased opening takes place a year later than planned because of the recession. Only 24 rooms, plus the restaurant, Salon bar, and events suite, will open on October 31, followed by the remaining bedrooms, the penthouse suite in early December, with the spa scheduled to open early next year. However, Taylor – who holds the Silver Thistle Award in recognition of his outstanding contribution to the development of tourism in Scotland – believes the timing is right.

“Glasgow is very well served with hotels, but not at this level,” he said. “Our Monte Carlo conference rooms are already fully booked until January next year, and we have our

first private dinner for 80 booked for opening day on October 31.

Glasgow has become renowned for city conventions and for the calibre of events at the SECC. We expect the VIP delegations from such events will flock to Blythswood Square. The market is definitely there.”

Scott Taylor, Chief Executive of Glasgow City Marketing Bureau, said: “Glasgow warmly welcomes the return of one of Scotland’s greatest hoteliers to the city. Peter Taylor was the first general manager of the Albany Hotel and I have no doubt that he will create a similarly famous hotel at Blythswood Square.

“To see the former Royal Scottish Automobile Club building saved from dereliction and returned to its former glory with the most spectacular drawing room surely occupies a niche in the heart of every Glasgow citizen.

“The capital commitment and loving care towards protecting the heritage of the building demonstrates a belief in Glasgow that is shared by everyone who can see the vast strides that the city is making.”