Maven announces Glasgow Hotel opening and Student Accommodation sale

Posted on 14 October, 2015 by Cliff Goodwin

Maven Capital Partners has added a fourth hotel to its portfolio, following the opening of its latest development in Glasgow. The company has also completed the sale of a student accommodation development in the city.

Maven-announces-Glasgow-Hotel-opening-and Student-Accommodation-sale

The ibis Styles boutique hotel in the Merchant City district, opened after the £7m redevelopment of a former office building, has 101 bedrooms along with a guest restaurant and bar.

The firm’s latest addition follows the 100-bedroom £13.75m boutique hotel Indigo project currently being developed in central Cardiff, which will have a rooftop Marco Pierre White Steakhouse Bar & Grill. Maven has also invested in Glasgow’s Indigo Hotel, which opened four years ago, and the recently renovated 82-bedroom Travelodge in Llandudno.

Commenting on the ibis Styles deal, Maven’s investment director, Ramsay Duff, said:  “This is a really attractive location in one of the UK’s strongest performing hotel markets, ideally positioned just off the vibrant George Square area of Glasgow, and able to cater to the considerable business, tourism and leisure trade Glasgow enjoys.

“We are delighted to have been able to identify, structure and complete another high quality investment for our investors within our growing hotel and general property portfolio.”

Maven-ibis Styles, Glasgow - Bedroom

The ibis Styles brand — part of the international Accor Hotels group — is traditionally themed around the host city of each individual hotel. “The contemporary design at the Glasgow ibis Styles is inspired by the city’s unique personality, history and culture,” Duff added. “It blends creative flair with a touch of humour throughout, with tributes to the Duke of Wellington’s iconic cone hat and Billy Connolly’s banana boots.”

The new hotel is already achieving high occupancy rates and is fully booked for two nights in its opening week, with significant demand reported for the months ahead.

In a separate statement, Maven confirmed it has sold its purpose-built student accommodation development at 333 Bath Street in central Glasgow to Empiric Student Property for £7.45m

Maven-Claire Williams Photography

Maven, which has six offices across the UK, acquired the vacant office property and worked with development partner Calmont Property Group to transform the building into 70 studio apartments over six floors.

“The sale of this development has generated good returns for Maven investors, just nine months after the original investment,” explained Duff. “It demonstrates the potential for the student accommodation sector to provide attractive investor returns on the back of continued strong demand from both occupiers and institutional purchasers, particularly in areas such as Glasgow that are under-supplied with such accommodation.”

Maven-Claire Williams Photography 2

The Bath Street sale is his company’s second Glasgow student accommodation deal of the year. In the spring Maven sold Claremont House, in the Kelvingrove area of the city, to a specialist European property fund for £8.37m.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme