APEX Hotels has revealed that it is making its long-awaited move in to the Glasgow market by acquiring Marks Hotel on Bath Street in the city centre.
The Edinburgh-based hotels group plans to invest around £10.5million in buying and revamping the 104-bedroom hotel.
The company's chairman, Ian Springford, said the takeover follows a 14 year search for the right opportunity to make a move into Glasgow.
"For a long time Glasgow has been the obvious place to expand just because of its geographical proximity to Edinburgh."
Like Edinburgh, Glasgow is a popular destination for business and leisure travellers.
"Things like the Hydro have made a big difference to the market," said Mr Springford of the Glasgow entertainment venue, which opened in 2013.
Mr Springford said Marks Hotel is very much the opportunity that Apex has been waiting for in Glasgow.
"It's in a good location and gives us a good opportunity to create a stylish contemporary hotel in the city."
He added: "It's very much a seven day week hotel that we are wanting to create to appeal to corporate and business guests as much as leisure."
Mr Spingford is an architect and has designed the company's hotels. These include four in Edinburgh and three in London.
Apex expects to relaunch Marks Hotel in June as the four star Apex City of Glasgow Hotel.
The company may expand in Glasgow once the new hotel is firmly established.
Mr Springford said Apex is trading strongly with no sign the prospect of increases in interest rates is prompting people to cut spending.
He is pleased with occupancy rates, which rose to 87.2 per cent in the year to April, from 81.4 per cent in the prior 12 months.
After growing underlying profits by 37 per cent annually, to £9.57m in the year to April, the company is on track to increase earnings in the current period.
Mr Springford said he did not plan to change the strategy followed by his father Norman, who founded the company in 1996 and handed over the chairmanship earlier this year. He believes the company has laid solid foundations for growth.
The company is developing its first hotel in Bath, due to open in late 2016.
It is mulling plans to develop a hotel in the Custom House building in Dundee, which it acquired recently.
The company, which has the Apex City Quay Hotel & Spa in Dundee, believes the opening of the new Victoria and Albert museum in the city will boost visitor numbers.
Mr Springford sees potential in a range of centres including Aberdeen, Manchester, Birmingham, Newcastle and Leeds.
Property developer Stuart Wilson opened Marks Hotel in 2007, and named it after his son. He created it on the site of the former Bewleys Hotel which he bought the previous year, reportedly for more than £10m.
Mr Wilson said: "After a successful period of operating the hotel, we wish to concentrate on our core property business."
The Marks Hotel building was formerly home to Tennent Caledonian breweries.
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