Glasgow Premier Inn sold in £8.5 million deal
Premier Inn Charing Cross alongside the M8 in Glasgow city centre has been sold for £8.5 million to one of Europe’s largest private hotel groups, Britannia Hotels.
This latest acquisition will be Britannia’s 64th and its fifth in Scotland, taking its global room count to almost 12,300. The company also owns Pontin’s Holiday Parks.
The Charing Cross hotel came to the market as Whitbread, the owner of the Premier Inn chain, is reconfiguring its network in Glasgow city centre following the opening of the 249-bedroom Premier Inn and Bar + Block restaurant in St Enoch Square in June last year.
Alex Langsam, managing director at Britannia, said: “We remain keen to grow our group further using the cash resources we have generated over the years which means we can move quickly to secure hotels on an all cash basis.”
Jeremy Jones, heads of hotels brokerage at selling agent Christie & Co, said the 278-bedroom hotel had drawn a competitive level of interest.
“We are experiencing higher demand for such city-centre hotels,” said Mr Jones, who recently found a buyer for the Lorne Hotel in the city.
Brian Sheldon, regional director of Scotland for Christie & Co, who supported the sale on a local level, adds, “This is a prime example of the buoyancy across the Glasgow and wider Scottish hotel market at present, with the demand for accommodation across Scotland on the rise.
“We are currently speaking with buyers across all price points with genuine aspirations to add to their portfolios and often surpassing client expectations with local, wider UK and international buyers as a result.”