A consortium of Singapore-based companies has acquired the 94-bedroom Hotel Indigo Glasgow for an undisclosed sum.
Real estate conglomerate Heeton, property investment group KSH and construction group Lian Beng have jointly acquired the property, the consortium’s first hospitality asset in Scotland.
Heeton holds an effective interest of 60% while KSH and Lian Beng have effective interests of 20% each, respectively.
The five-storey hotel operates under a franchise agreement with InterContinental Hotels Group under the hospitality group’s upmarket lifestyle Indigo brand. The hotel will be managed by hotel management company Interstate.
The consortium’s existing hotel portfolio in the UK includes the Holiday Inn Express Manchester City Centre, the ibis Budget Bradford and ibis Hotel Gloucester.
Built in 1892, the Victorian building was originally an electric power station, the first to be built in Glasgow.
Eric Teng, Heeton’s chief executive, said: “This is the consortium’s first hospitality asset in Scotland and Heeton’s second. This is a beautiful property with strong potential, which we believe will further strengthen our portfolio of quality investments in the UK.”
Ong Pang Aik, Lian Beng’s executive chairman and managing director, said: “We are encouraged by the progress that the consortium has made so far. With Interstate as the hotel operator, we are confident that this acquisition will prove to be a valuable asset in our portfolio. We are looking forward to more of such ventures with our consortium partners in the future.”
Choo Chee Onn, executive chairman and managing director of KSH, added: “This is an excellent addition to our existing boutique hotel portfolio in the UK.”