Buyer sought

Virgin Hotels Glasgow on market after sudden closure

Virgin Hotels Glasgow closed in December

Glasgow’s Virgin Hotels has been put on the market following its sudden closure in December just four months after it opened.

Savills has been instructed by the joint administrators of Lloyds Developments to find a buyer for the heritable (freehold) interest in the building fronting the river in Clyde Street.

The 17-storey hotel, with 165 completed bedrooms and conference facilities, shut just before Christmas with the loss of 130 jobs.

Staff were informed following a meeting with the firm’s chief executive who flew in from Miami to deliver the news. The announcement came weeks after the company which owns the building called in administrators.

The building’s owner Lloyds Developments was put into administration by its lenders on 1 December and the directors of V Hotel Glasgow – the operating company – were advised to place it into liquidation.

Savills said there is potential for further development, with the opportunity to complete the remaining 77 bedrooms, along with public spaces such as a proposed gym, function suite, whisky bar and coffee shop.

Steven Fyfe, director in the hotel capital markets team at Savills Scotland, said: “This is a rare chance for a purchaser to secure a prime asset that has been fitted out to an excellent standard in line with a luxury lifestyle hotel with the possibility of being in an income producing position from day one.

“We anticipate a significant level of interest from a global pool of buyers.”

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