A HOTEL in Glasgow is changing hands for £3.15 million, with its new owner planning to convert it into a hostel.

The 52-bedroom Best Western Glasgow City Hotel, on Elmbank Street near Charing Cross railway station, will become new owner Safestay’s 15th hostel. It is acquiring the freehold of the property, with completion of the deal expected on October 21.

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Safestay already operates a successful site in Edinburgh and it described the Glasgow acquisition as “a natural extension”.

The company said that, as with its acquisition of other hotels, it intended to convert the Glasgow site into a hostel. It noted that outline planning permission already existed for conversion into a 200-bed hostel.

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It noted that Glasgow was not only the largest city in Scotland but also the fourth-most-visited UK city from overseas, excluding London, in 2018.

Safestay added that Glasgow was “globally renowned for its gothic-style architecture such as the famous Glasgow Cathedral”.

Larry Lipman, chairman of Safestay, said: “Given the success of our 615-bed Edinburgh hostel, which we acquired in 2015 and [is] now considered to be a flagship site within our portfolio, we have been looking for some time to find the right site in Glasgow.

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“We are therefore very pleased to have secured this excellent building which is ideally suited to being a hostel, providing an excellent base to explore Glasgow from. We very much look forward to Safestay Glasgow becoming part of the portfolio.”

Safestay said the seller of the Best Western Glasgow City is a "private individual".