Maven Capital Partners has sold the ibis Styles Glasgow Centre George Square hotel to an undisclosed international hotel group for approximately £7.5m.
The 101-bedroom hotel, which is located on Miller Street in Glasgow city centre, was developed by Maven clients in 2014 and opened in September 2015.
Since launch, the hotel has traded strongly under the ibis Styles brand, which is part of the Accor group. Accor has approved the change of control under the franchise agreement.
Paul Johnston, partner at Maven Capital Partners, said: “This sale marks a successful exit from a long-standing investment that has delivered consistent performance and strong returns for our investors. We are pleased to have secured a strategic buyer with deep sector expertise and a commitment to maintaining the hotel’s brand and operational continuity.”
