Hostel Operator Safestay Buys Best Western Glasgow City for £3.15m
Main Photo: The Best Western Glasgow City Hotel
Date: September 2019
Location: Near Charing Cross Station, Glasgow, Scotland, UK
Name: Best Western Glasgow City Hotel
No. of Keys: 52
Seller: TBA
Buyer: Hostel operator Safestay has bought the Best Western Glasgow City hotel for £3.15m. The 52 room hotel comes with outline consent to convert to a 200 bed hostel.
The freehold buy will be covered by existing cash reserves. The addition takes Safestay’s portfolio to 15 properties across Europe.
Chairman Larry Lipman said: “Given the success of our 615 bed Edinburgh hostel which we acquired in 2015 and now considered to be a flagship site within our portfolio, we have been looking for sometime to find the right site in Glasgow.
“We are therefore very pleased to have secured this excellent building which is ideally suited to being a hostel, providing an excellent base to explore Glasgow from.”
Completion of the acquisition is expected to take place on 21 October.
Price: £3.15m
Price per Key: £60,577
THPT Comment: Good to see Safestay continue it’s progression upwards and onwards with this second presence in Scotland.
First Seen: The Scotsman
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