Bangkok giant acquires Glasgow hotel for £7.5 million

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.”

Entrepreneur launches online executor platform

A Scottish entrepreneur has set up a new service that allows people to collect details of their assets in one place so when they die they are readily available.

Founder Alan Wardrop said My Executor Box, which can be set up through affiliated solicitors or individually online, allows people to store their information by asset type, including bank accounts, investments and property. It also records mortgages and loans to provide a picture of the person’s net worth.

New hotel in Glasgow unveils senior team

A luxury hotel poised to open in Glasgow later this year has announced its senior leadership team.

The AC by Marriott, which is being built as part of the £100 million Love Loan development near George Square, will be led by general manager Craig Munro. Mr Munro joins after a near-20-year career running hotels for major operators in Glasgow, including Ibis, Novotel, and most recently the Doubletree by Hilton Glasgow Central.

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