A landmark city centre hotel has been put up for sale after its owners fell into administration.
Virgin Hotel Glasgow closed after only a few months in operation when Lloyds Developments Limited – the building's owner – fell into administration.
The Herald revealed in December that the hotel had closed its doors "with immediate effect", after opening in August.
Savills, on the instruction of the joint administrators of Lloyds Developments Ltd, has now said it has brought to market the heritable (freehold) interest of the hotel at 264 Clyde Street.
The agent said it expects "a significant level of interest" from around the world.
The 17 storey-building overlooking the River Clyde has 165 completed bedrooms, with capacity for up to 242, a ground floor restaurant and bar, a mezzanine bar and lounge, a flexible terrace area and conference and meeting space for up to 60 delegates.
The hotel also provides the potential for further development, with the opportunity to complete the remaining 77 bedrooms, with public spaces such as a proposed gym, function suite, whisky bar and coffee shop.
Virgin said in a statement: "Virgin Group tried to find solutions, including offering to purchase the hotel, to keep the hotel open, keep the team in employment and ensure the completion of the development of the hotel, creating something the city of Glasgow could be proud of.
"Unfortunately, the lenders have not accepted Virgin's offers and intend to pursue a sales process with the hotel closed. "
Steven Fyfe, director in the hotel capital markets team at Savills Scotland, said: "This is a rare chance for a purchaser to secure a prime asset that has been fitted out to an excellent standard in line with a luxury lifestyle hotel with the possibility of being in an income producing position from day one.
"Situated in a prime location within Glasgow city centre, the hotel is just a short walk from Glasgow Central Station and Buchanan street, as well as being in close proximity to all of Glasgow’s key demand drivers. Given its excellent credentials, we anticipate a significant level of interest from a global pool of buyers."
Historic Scottish jeweller opens watch service centre in Glasgow
Laings, the historic Scottish jeweller, has officially opened its new watch repair service centre in Glasgow.
The purpose-built workshop will allow the jeweller’s watchmakers, technicians, and polishers to service timepieces from luxury brands such as Rolex, Patek Phillippe, TAG Heuer, Longines and Omega. It was developed at a cost of £1.1 million and is part of a wider, £5m investment by Laings which includes the creation of a new flagship store and full refurbishment of its head office at Rowan House on Glasgow’s Buchanan Street. The store is due to open later this year.
Independent Ayrshire bookshop wins prestigious award
An independent book store in East Ayrshire has scooped a prestigious award and been crowned the "Best Independent Bookshop in Scotland".
Organised by The Bookseller, the business magazine of the book industry since 1858, ‘the Nibbies’ has been the leading awards for the book trade since 1990. Sponsored by book wholesaler Gardners, the award celebrates bookshops that continue to support local communities with creative, specialist and community-centred activities. Winners are selected by the judges from 77 finalists, which were announced in February.
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