Valad and Gloag to develop Edinburgh aparthotel

24 January 2017 by
Valad and Gloag to develop Edinburgh aparthotel

Global real estate investment manager Valad Europe has entered into a joint venture with Gloag Investments to develop a new aparthotel in Edinburgh.

Gloag Serviced Apartments acquired Kintore House, a vacant office in Queen Street, from Lonestar and Hudson for £6.3m. Scottish millionaire Ann Gloag, co-founder of the Stagecoach Group, is a director of Gloag Investments.

The aparthotel will comprise 82 apartments over four floors and will be operated by BridgeStreet Global Hospitality under its new Mode brand. It will be the third Mode property alongside sites in Washington and Paris.

Simon Marriott, head of investments and UK real estate at Valad Europe, said: "The purchase of this asset at the heart of Edinburgh's central business district, close to both commercial and leisure destinations, represents a superb opportunity to benefit from the ongoing strength of Scotland's capital and the ability to generate attractive ongoing income and value once the refurbishment is complete.

"As part of its global roll-out of the Mode brand, BridgeStreet is identifying quality buildings in key gateway cities to convert them into stylish apartment style accommodation. The Mode brand combines the flexibility and convenience of hotel style service and accommodation with the character of their guests' own homes."

BridgeStreet chief executive Sean Worker said: "Where we operate we aspire to be part of the community, work with local businesses and recommend the best establishments. Each Mode building will offer a bespoke, unparalleled experience to our guests by providing them with high design and comfort."

Ann Gloag added: "We are delighted to be bringing BridgeStreet to the capital in what will be their first bespoke building in Scotland."

Rydens advised the purchasing joint venture and Knight Frank acted for the sellers.

BridgeStreet and Airbnb tie up for business travel market >>

Cheltenham Park hotel to rebrand as a DoubleTree by Hilton >>

New bar and grill group Faborjé to open in Watford >>

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking