Apex buys Marks Hotel in first Glasgow move
Apex Hotels, the Edinburgh based company, has made its first move into Glasgow after buying Marks Hotel in the city’s Bath Street.
The total acquisition and refurbishment costs will see Apex invest £10.5 million in the 104-bed facility.
Apex will close the hotel this month and relaunch it in June as the four star Apex City of Glasgow Hotel.
The announcement comes after the company reported increases in revenue and profit to the year end in April, with turnover up 11% on last year to £56m.
Apex has bought the Marks Hotel from Glasgow-based Rossmark Hotels, a sister venture to Glasgow property investment and development company, Belgate Estates, whose portfolio includes a shopping centre in Glasgow and Cumbernauld town centre.
Stuart Wilson, Rossmark’s managing director, said: “After a successful period of operating the hotel, we wish to concentrate on our core property business.”
Ian Springford, Apex Hotels chairman, said: “We have been looking for the right opportunity to expand into Glasgow for some time. In terms of size and location, the Bath Street property is an ideal fit for Apex Hotels and will become a very welcomed addition to our growing portfolio when it opens this summer.”
In September, Apex bought a central site in Bath’s conservations area to develop a 177-bed full service hotel with extensive conference facilities. Due to open autumn 2016, the £35m development will be the hotel’s first hotel in England outside London.
The group curently operates eight hotels in London, Edinburgh and Dundee.