Maven Capital Partners, the property and private equity manager, has sold the ibis Styles Glasgow Centre George Square to an undisclosed international hotel group, in a deal worth about £7.5 million.
The 101-bedroom hotel in Miller Street was developed by Maven clients in 2014 and opened in September 2015.
Since launch, the hotel has traded strongly under the ibis Styles brand, part of the Accor group. The sale delivers a return of 1.4x money multiple to investors, in addition to tax relief under Business Premises Renovation Allowances.
The buyer is 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.
Commenting on the transaction, Paul Johnston, 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.”
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