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Case Study

Hotel Land and Development (Glasgow) Ltd acquire hotel site in the heart of Glasgow city

Jones Lang LaSalle was instructed to market this impressive listed building on West George Street in the heart of Glasgow city centre. Whilst in an excellent location the property presented a challenging sale as it was partially redeveloped as an 86 bedroom hotel and as the building is listed, it meant that redevelopment was subject to more stringent controls than would otherwise have been the case.
 
The Hotels & Hospitality worked hard to ensure full market coverage was achieved covering both hotel operators and property developers and funders.
 
A closing date was held in the Summer 2011 and following receipt of a substantial deposit and exclusivity period to allow for adjustments to the planning consent the property was sold in April 2012.
 
The purchaser, Hotel Land and Development (Glasgow) Ltd agreed a deal with Rezidor to develop a 91 room Park Inn.  The sale price is confidential however, the guide price was £4.75m.
 
For more information, please contact Keith McBain, +44 141 567 6684.

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