Peter Taylor sells Blythswood Square and sister hotel
Blythswood Square - Glasgow's only five-AA-star hotel - has been sold by one of Scotland's leading hoteliers Peter Taylor.
The 100-bedroom property has been snapped up for an undisclosed sum, along with sister hotel, the 49-bedroom Bonham in Edinburgh, by US-based property investment firm Starwood Capital Group.
The two hotels formed part of the Town House Collection, which Taylor founded in 1989.
Taylor said that he had not set out to sell the hotels this year, but an approach had come out of the blue.
"The deal was right, and the timing will allow me to focus on new challenges, knowing that the company and, most importantly, our team members will be in safe hands," he explained.
Blythswood, located in the former home of the Royal Scottish Automobile Club, opened in 2009 following a delayed and difficult £24m redevelopment, during which a wall and a construction firm collapsed.
Today the group enjoys an annual turnover of £12m and employs 270 staff across Blythswood and the Bonham.
Hans Rissmann, managing director of the Town House Collection, together with finance director Russell Hynd will work alongside the new owners as consultants to ensure a smooth transition of the business.
The acquisition of the Town House Collection marks Starwood Capital Group's latest foray into the UK hospitality market having acquired De Vere Venues in March 2014 for £231m, Four Pillars Hotels for around £90m and the 23-strong Principal Hayley Group in February 2013.
Starwood now owns 53 hotels, with a total of 7,455 bedrooms in the UK.
Cody Bradshaw, senior vice-president and head of European hotels at Starwood Capital Group, said the company was "thrilled" to add Blythswood Square and the Bonham to its UK portfolio.
"We have become intimately familiar with the vitality and potential of Glasgow and Edinburgh through our management of the George, Roxburghe and Grand Central (all part of the Principal Hayley acquisition), and believe that this acquisition perfectly complements our
strategy of purchasing prime hotel assets in the region's top-performing markets."
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