Glasgow’s Lorne Hotel has been sold to PL Glasgow Limited via joint administrators Bellhill Limited, Blair Nimmo and Alistair McAlinden of Interpath Advisory.
The 102-bed three star hotel is located in a prime location on Sauchiehall Street, between Glasgow’s city centre and the popular West End district.
The hotel was forced to close its doors in December 2020, due to the impact of the Covid-19 pandemic.
Administrators from Interpath Advisory were subsequently appointed to the hotel’s owner, Bellhill Limited, in May 2021.
Alistair McAlinden, Joint Administrator and head of the Hospitality and Leisure sector team for Interpath in Scotland, said: “We’re extremely pleased to have concluded the sale of this landmark building in Glasgow.
“Despite these being incredibly difficult and uncertain times for companies operating across the leisure and hospitality sector, the level of interest shown in this building from the outset of the administration has been remarkable.
“We pass on our best wishes to the new owners as they develop the building and we look forward to seeing it once more generate wealth and jobs for the city of Glasgow.”
The property had been marketed for sale on behalf of the joint administrators by specialist business property adviser, Christie & Co.
Christie & Co worked closely with the Joint Administrators’ to undertake a marketing process which exposed the property to both hotel operators / investors and property developers.
The team says this approach maximised the exposure to potential buyers and helped to drive best value for the creditors of Belhill Limited.
Brian Sheldon, Regional Director at Christie & Co comments: “We were always confident that the sale of the Lorne Hotel would capture the imagination of operators and developers alike and we were proven to be correct.
“We leveraged our network of regional, national and international buyers to secure best bids from a diverse range of funded purchasers.”