Maven Property exits investment in Hotel Indigo Glasgow

Sale of historic landmark building achieves £14.5 million through use of innovative structure

Maven Property has completed the £14.5 million sale of Hotel Indigo Glasgow, a four-star, 94-bedroom hotel with restaurant in the centre of the city, to Heeton Holdings, a Singapore-listed real estate conglomerate.

The structure of the transaction includes the sale of the Freehold (in Scotland “Heritable”) interest in the hotel to a Ground Rent Fund and of the resultant long leasehold interest to Heeton, which has acquired the trading business and goodwill of the Hotel. There has been little precedent in structuring hotel sales in this way, but Maven’s significant experience of hotel development funding structures has enabled it to split these two interests in the Hotel and drive additional value for its investors.

“This historical landmark building is located in the heart of one of the UK’s most vibrant and cosmopolitan cities. Maven has a strong commitment to Glasgow, with our headquarters here and with two other hotels including our recently opened ibis Styles Glasgow Centre West. The city remains one of the best performing hotel market in the UK, however there have been relatively few hotel transactions in the city and it has been gratifying to see the level of interest in the Indigo.

We are delighted to have completed the sale, which has delivered attractive returns for investors, in part by the way we structured the transaction. The hotel was one of the very first developments to be funded utilising Business Premises Renovation Allowance and it is very satisfying to see it having come right through the entire process; from its original redevelopment, subsequent years of successful trading, and its ultimate sale.”
Ramsay Duff, Investment Director at Maven

Hotel Indigo is InterContinental Hotel Group’s upmarket boutique lifestyle brand, where each hotel is uniquely designed, inspired by the local neighbourhood. The Hotel is located on Waterloo Street in the centre of Glasgow within the International Financial Services District in close proximity to major corporate and leisure facilities. The landmark Victorian buildings has strong historical connections – it was originally built as Glasgow’s first power station and was converted into the Hotel from previous office use in 2010. The Hotel has excellent food and beverage facilities, including a Marco Pierre White Steakhouse Bar & Grill restaurant, cocktail bar and guest gym.

Leave a
comment

Read more posts

NEW FINANCIAL SERVICES CHIEF IN…

07.12.2018

EY has appointed a new leader to head up its 450-strong financial services team in the North East. Partner Mike Scoular, who also heads up managed services across the UK,…

Read more

Sintons helps with acquisition and…

07.12.2018

A family-owned dental practice is set to receive significant investment after being sold by its long-standing former owners, in a deal completed by various local dealmakers. Ridgway Dental Practice, in…

Read more

Sunderland is an international hub…

07.12.2018

Sunderland has played host to a number of high-profile events across the city recently, thanks in particular to efforts from the Business Improvement District, Vibe Magazine and Sunderland Business Partnership.…

Read more

New post: NEW FINANCIAL SERVICES CHIEF IN AT EY dynamonortheast.co.uk/new-fin…

Join our
mailing list