Meininger eases Glasgow’s hotel squeeze
LGIM Real Assets on behalf of its Linked Life Fund has pre-let the development opposite Queen Street station in West George Street to Meininger Hotels on a 25 year lease.
The new development is designed by NORR architects and will also create about 1,400 m2 of retail space at basement, ground and mezzanine levels. It is scheduled to open in 2020 with construction due to begin this year.
It will provide badly needed extra beds to the city which struggles to meet demand as it attracts more leisure and business tourists. The city is aiming to boost visitors by a million and building more hotels has been identified by Glasgow Chamber of Commerce as a priority.
Craig Westmacott, senior fund manager at LGIM Real Assets, said: “This site is an excellent location for a hotel and together with the redevelopment of Queen Street station will bring significant improvements to this key area of Glasgow city centre.”
Hannes Spanring, CEO of Meininger Hotels, adds: “Great Britain is a very important market for us and Glasgow as Scotland’s largest city is the perfect location for another Meininger hotel in the UK.”
The hotel in Glasgow will be the second for the group in the UK. It has been operating in London since 2006 and is looking to expand into other key UK cities.