Singapore-based Buxani Group has bought the 117-bedroom GoGlasgow Urban hotel from the Crerar Hotel Group.
The sale marks the Buxani Group’s first hotel in the UK ahead of a planned series of investments into the UK hotel market. Crerar Hotels also plans to sell off “a further cluster” of its hotel portfolio.
The deal was agreed off-market, but the guide price of the property was reported to be close to £10m. Thailand-based Compass Hospitality has been appointed to manage the hotel, which was redeveloped in 2015 by Crerar Hotels.
Kishore Buxani, founder and chief executive of the Buxani Group, said: “We are delighted that we have secured our first hotel in the UK and especially in Scotland, which is currently experiencing tremendous growth in tourism and business travel. We continue to be very optimistic of the global tourism industry and are actively looking for more hotel opportunities in the UK and Europe.”
Paddy Crerar, chief executive of Crerar Hotel Group, said: “It was clear that Buxani Group were by far the most committed to the hotel and were a thoroughly decent company to deal with.”
Matthew Welbourn of Compass Hospitality UK, said: “The hotel was repositioned following refurbishment two years ago and has since shown robust growth with excellent customer feedback following the development.”
Julian Troup of Colliers International, who handled the sale on behalf of the Crerar Hotel Group, added: “We are continuing to witness an increasing flow of such deals, particularly involving buyers from the Far East and Asia, because the devaluation of sterling following the EU Referendum means such transactions are now 20% less expensive than in recent years, thereby making the UK hospitality market a very attractive prospect for buyers overseas.”