Radisson Blu Glasgow sells for around £28m

11 December 2012 by
Radisson Blu Glasgow sells for around £28m

The four-star, 247-bedroom Radisson Blu in Glasgow has been sold out of administration to the Azure Property Group for around £28m.

The deal includes a long term management agreement with Rezidor Hotels & Resorts to operate the property under its premium Radisson Blu brand, as well as three retail units, which are let to LA Fitness and Barrhead Travel.

Real estate company Savills handed the sale on behalf of the administrators RSM Tenon.

Robert Stapleton, associate director in Savills hotels team, said: "The Radisson Blu Glasgow received significant interest from the market and was sold out of administration exactly one year after the administrators were appointed. We believe this is the first single asset management encumbered hotel sale in the UK since 2008, illustrating the quality of the property and the strong historic trading performance of the hotel."

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By Janet Harmer

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