101-room hotel in Scottish city centre sold to global operator for £7.5 million

Maven Capital Partners, the Glasgow-based property and private equity manager, said it had completed the sale of the Ibis Styles Glasgow Centre George Square hotel to an undisclosed international hotel group.

The 101-bedroom hotel, located on Miller Street, was developed by Maven clients in 2014 and opened in September 2015. Since then, the hotel has traded under the Ibis Styles brand, part of French hospitality giant Accor.

Maven said the sale for a total consideration of about £7.5m delivers a return of 1.4-times money multiple to investors, in addition to tax relief under business premises renovation allowances (BPRA).

The purchaser is said to be a “well-established international hotel owner” with a portfolio of branded properties across Europe and North America, including assets in Paris, London, Amsterdam, Montreal and Edinburgh. Accor has approved the change of control under the franchise agreement, so the Ibis Styles name continues.

Paul Johnston, a partner at Maven, said: “This sale marks a successful exit from a long-standing investment that has delivered consistent performance and strong returns for our investors. We are pleased to have secured a strategic buyer with deep sector expertise and a commitment to maintaining the hotel’s brand and operational continuity.”

Last week, Maven Capital Partners completed a £3m-plus sale on an Aberdeen business park. The industrial building at ABZ Business Park was sold to French property investment manager Epsicap REIM, acting on behalf of one of its funds, in a £3.35m deal.