MAVEN, the Scottish private equity house, highlighted the strength of Glasgow’s tourism and leisure sector as the doors were opened at the latest hotel it has backed in the city.
The ibis Styles Glasgow Centre West has launched in the city’s International Financial Services District following a £11.25 million investment led by Maven Capital Partners and backed by its private investor network.
The 137-bedroom hotel was developed in a previously empty 40,000 square foot office block, dating from the 1960s, which Maven acquired in 2017. Managed by RBH, the hotel has been branded ibis Styles under a franchise agreement with AccorHotels. The agreement mirrors the management structure Maven has with AccorHotels and RBH at the ibis Styles on Glasgow’s George Square.
Situated on the corner of Douglas Street and Waterloo Street, the latest ibis Styles has been designed internally to reflect Scotland’s musical heritage, with each room given its own style. Tinderbox, the independent coffee shop brand based in Glasgow, has opened a café/bistro on the ground floor.
Maven’s property portfolio now spans 20 investments with a combined gross development value of more than £295m.
Ramsay Duff, the firm’s investment director, said: “The Glasgow hotel market continues to perform strongly, showing robust year-on-year growth in room revenues.
“Glasgow is benefiting from substantial investment in local sport, leisure and entertainment facilities, including the Hydro Arena, one of the UKs premier venues for music and events, and is supported by a robust commercial sector which is profiting from strong conference activity at the SECC.
“Following the success of the city hosting major sporting events such as the Commonwealth Games and the European Championships, Glasgow is building a great reputation as an attractive destination for overseas visitors and staycationers.”
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