Mercure Glasgow City Hotel Changes Hands for £7.5m
18th Aug 2023
Alternative Income REIT has sold the Mercure Glasgow City Hotel on Ingram Street to S Hotels & Resorts, an international hospitality business based in Bangkok.
S Hotels & Resorts acquired the freehold of Mercure Glasgow City Hotel in a deal worth £7.5 million. S Hotels & Resorts already operate the hotel and now has the flexibility to undertake a significant refurbishment of the property. The hotel comprises 91 rooms, a restaurant and bar, meeting and event facilities, as well as other amenities.
Steven Fyfe, director in the hotel capital market team at Savills Scotland that advised the seller, commented:
The Scottish hotel market has already seen a threefold increase in investment volumes so far in 2023, with transactions totalling £165 million. This latest acquisition is proof that the sector remains resilient despite a decline in activity elsewhere in the UK. The purchase of the Mercure Glasgow provided a fantastic opportunity for S Hotels & Resorts to take ownership of the site and subsequently take advantage of Scotland’s booming tourism.