Swedish hotel investment company Pandox has entered into an agreement to acquire Radisson Blu Glasgow for £39m from London-based Azure Property Group.
The company intends to finance the acquisition of the 247-bedroom property through a new bank loan and existing credit facilities. The transaction and transfer of possession are expected to be completed during the fourth quarter 2018. Azure bought the property of out administration for around £28m in 2012.
Anders Nissen, chief executive of Pandox, said: "The acquisition of Radisson Blu Glasgow is industrially sound and meets all of Pandox's acquisition criteria. The hotel is a full-service hotel in the premium segment with an attractive central location and a strong market position with demand from all segments. With the acquisition of Radisson Blu Glasgow, Pandox continues its expansion in the UK with yet another profitable hotel."
The hotel is operated under a management contract with Radisson Hospitality Group.
Pandox owns 143 hotels in Europe, including 20 Jurys Inn properties following the group's acquisition of the brand last year, and the Hilton and Hilton Garden Inn at London Heathrow Airport.
Fattal acquired the remaining 15 leasehold properties, the Jurys Inn brand and the operating platform for all hotels. Leonardo then took over the operations of all properties and operates all 35 Jurys Inn branded hotels in the UK.