Empty office is set to be £7m hotel

AN EMPTY office block in the centre of Glasgow will be transformed into the city's newest hotel after £7million was secured.

Loading Comments
Share
Print

A syndicate of investors is backing the project which will see Telfer House in the Merchant City turned into a 96-bedroomed ibis Styles hotel.

Refurbishment work starts in the summer and is expected to take a year to complete.

An extra floor will also be added to the current seven storey distinctive sandstone building in Miller Street near Ingram Street.

The cash is coming from an investors syndicate put together by Glasgow-based Maven Capital Partners which is one of Britain's leading private equity firms.

Tax incentives make the project an attractive investment and it's the second refurbishment hotel to be taken on by Maven after a former hotel in North Wales was last year redeveloped into a Travelodge.

Telfer House which has been empty for a number of years was snapped up at auction last summer for around £560,000. It will trade as an ibis Styles hotel.

The name will be used under a franchise agreement with a French chain which owns the ibis brand. The new hotel will be run by RedefineBDL, the UK's biggest specialist hotel management company.

The Merchant City area is seen as a key leisure destination with its range of eateries and bars, designer shops and event venues.

Deal broker Ramsay Duff at Maven Capital Partners, said: "We are delighted to have secured this opportunity for our investors, offering useful tax incentives with a high quality property asset."

There's already a budget ibis Hotel in West Regent Street.

gordon.thomson@eveningtimes.co.uk

Travel

Commenting & Moderation

We moderate all comments on Evening Times on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

160214

Have you got a story?

Contact the news desk on 0141 302 6520 or email news@eveningtimes.co.uk
Michelle McManus

Michelle McManus

Sussed in the City

What have you done to your face Renee Zellweger

Times Out

Entertainment

Lifestyle

TV Advert
Janice Bell

Janice Bell

You couldn’t make up half the stuff that happens to PA Janice Bell- some of the jams she gets herself into are worth a story or two.

Games news:

Putting the world to rights

Gail's Gab

The sight of wee dolphins choking to death on discarded supermarket bags helped me and I now use reusable shoppers

Cat’s Eyes on Glasgow

Cat’s Eyes on Glasgow

Cat Cubie’s job is to find and share with you the fabulous things the city has to offer, from gigs to gastro.