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An ibis lodge has been bought to a global lodge group for about £7.5 million.
The 101-bedroom lodge, positioned on Miller Avenue in Glasgow metropolis centre, was developed by Maven shoppers in 2014 and opened in September 2015.
Since launch, the lodge has traded beneath the ibis Kinds model, a part of the Accor group.
Paul Johnston, associate at Maven, stated: “This sale marks a profitable exit from a long-standing funding that has delivered constant efficiency and robust returns for our buyers.
“We’re happy to have secured a strategic purchaser with deep sector experience and a dedication to sustaining the lodge’s model and operational continuity.”
The sale delivers a return of 1.40x cash a number of to buyers, along with tax reduction beneath Enterprise Premises Renovation Allowances (BPRA).
The purchaser has branded properties throughout Europe and North America, together with belongings in Paris, London, Amsterdam, Montreal and Edinburgh. Accor has accredited the change of management beneath the franchise settlement.
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