ibis Styles Glasgow Centre West is Maven’s third hotel in Glasgow, alongside Hotel Indigo and ibis Styles Glasgow Centre George Square
ibis Styles Glasgow Centre West (“the Hotel”) has opened in Glasgow’s International Financial Services District (“IFSD”) following an £11.25 million investment led by the UK-based private equity and property manager, Maven Capital Partners (“Maven”). The hotel has been funded by Maven’s co-investor network ‘Investor Partners’, with a bank facility provided Allied Irish Bank.
Previously an empty 40,000 sq ft 1960s office block, Maven purchased the building in 2017and it has since undergone a comprehensive redevelopment to turn it into a 137-bedroom hotel. The hotel has been branded as an ibis Styles under a franchise agreement with AccorHotels, and will be managed by RBH. This is the second property Maven, AccorHotels, and RBH have partnered on in Glasgow, the first being ibis Styles Glasgow Centre George Square.
Located on the corner of Douglas Street and Waterloo Street in the city centre, ibis Styles Glasgow Centre West is the latest hotel asset to join Maven’s growing property portfolio, where the team now manages 20 property investments with a combined Gross Development Value in excess of £295 million.
Craig Gebbie, Head of Allied Irish Bank (GB)’s Glasgow business centre, said: “The combination of the hotel’s excellent location, which is attractive to business and leisure guests; the strength of the ibis brand and the experience and expertise of the people involved made this an attractive investment for Allied Irish Bank (GB). Glasgow’s leisure and hospitality sector is thriving and, with a team dedicated to this area, we’re pleased to be supporting investors and operators to bring new hotels to the city and its surroundings.”
Ramsay Duff, Investment Director at Maven, who led the investment said: “The Glasgow hotel market continues to perform strongly, showing robust year-on-year growth in room revenues. Glasgow is benefiting from substantial investment in local sport, leisure and entertainment facilities, including the Hydro Arena, one of the UKs premier venues for music and events, and is supported by a robust commercial sector which is profiting from strong conference activity at the SECC. Following the success of the city hosting major sporting events such as the Commonwealth Games and the European Championships, Glasgow is building a great reputation as an attractive destination for overseas visitors and ‘staycationers’.”
Each ibis Styles hotel boasts the brand’s ‘Storytelling Design’ concept and tells its own story through its own bespoke design, making each guest experience unique. The interior of ibis Styles Glasgow Centre West has been designed to celebrate Scotland’s rich and diverse musical heritage, with each room having its own distinct style and personality. Maven has also collaborated with Tinderbox, a well-known and popular coffee shop brand based in Glasgow, which has opened its most recent outlet in the Hotel’s ground floor café/bistro.
Ramsay added: “ibis Styles has been a very successful brand for Maven in Glasgow and we aim to emulate the performance of our existing hotel, ibis Styles Glasgow George Square, which enjoys high occupancy rates and is currently ranked no2 on TripAdvisor for hotels in the city. When we identified the property as being available and suitable for redevelopment, given its location in the IFSD Financial Services District and close to the SECC and Hydro Arena, we realised the significant potential for another ibis Styles hotel in the city.”
Helder Pereira, CEO of RBH, said: “It’s wonderful to work with Maven again on another fantastic opening. Our ever-strengthening business relationship has already seen the successful launch of ibis Styles Glasgow Centre George Square and Hotel Indigo Cardiff. We’re proud to now add ibis Styles Glasgow Centre West to our growing portfolio. Maven’s level of investment coupled with our unrivalled hotel management experience will, I’m sure, make this new property a real success among the burgeoning Glasgow hotel market.”
AccorHotels SVP Franchise Operations Cristina De Oliveira Frewen said: “We’re delighted to add this latest hotel to the ibis Styles network of 24 hotels in the UK, and to over 100 hotels in the ibis family nationally. This excellent development by Maven Capital Partners plays perfectly to the ibis Styles reputation for delivering an upbeat, stylish hotel experience to guests. Each ibis Styles has its own individuality and charm, often reflecting the vibrancy of their surrounding city, in this case showcasing Glasgow and its musical connections.”
