Thai giant S Hotels & Resorts, advised by Savills, has acquired the freehold of Mercure Glasgow City Hotel on Ingram Street from London-listed Alternative Income REIT.
The hotel comprises 91 rooms, a restaurant and bar, meeting and event facilities, and other amenities.
Already operated by the purchaser, S Hotels & Resorts “now has the flexibility to undertake a significant refurbishment of the property”.
Steven Fyfe, director in the hotel capital market teams at Savills Scotland, said: “The Scottish hotel market has already seen a threefold increase in investment volumes so far in 2023, with transactions totalling £165m.
“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.”
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