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Safestay has completed the sale of the freehold of its Glasgow Charing Cross hotel for £5.1m.
The hostel operator, which had owned the property since 2019, sold the hotel to an investor that operates similar hospitality businesses in Glasgow city centre.
The disposal follows the recent sale of Safestay’s freehold properties in Edinburgh and Brighton and forms part of the group’s strategy to strengthen its balance sheet and support future expansion.
Larry Lipman, chairman of Safestay, said the deal provides the group with “additional flexibility” to grow its portfolio.
He added: “This transaction will further strengthen the group’s balance sheet and provide additional flexibility as we continue to deliver our plans to selectively grow the portfolio and create shareholder value.”
The transaction was handled by Christie and Co, with associate director Tony Spence leading the sale process.
Spence said: “Safestay Glasgow Charing Cross attracted strong interest from a range of buyers due to its prominent city centre location and the continued appeal of the Glasgow hospitality market.
“The sale demonstrates the depth of investor demand for well-located hospitality assets in Scotland and highlights the strength of the market for trading businesses of this nature.”
Safestay has completed the sale of the freehold of its Glasgow Charing Cross hotel for £5.1m.
The hostel operator, which had owned the property since 2019, sold the hotel to an investor that operates similar hospitality businesses in Glasgow city centre.
The disposal follows the recent sale of Safestay’s freehold properties in Edinburgh and Brighton and forms part of the group’s strategy to strengthen its balance sheet and support future expansion.
Larry Lipman, chairman of Safestay, said the deal provides the group with “additional flexibility” to grow its portfolio.
He added: “This transaction will further strengthen the group’s balance sheet and provide additional flexibility as we continue to deliver our plans to selectively grow the portfolio and create shareholder value.”
The transaction was handled by Christie and Co, with associate director Tony Spence leading the sale process.
Spence said: “Safestay Glasgow Charing Cross attracted strong interest from a range of buyers due to its prominent city centre location and the continued appeal of the Glasgow hospitality market.
“The sale demonstrates the depth of investor demand for well-located hospitality assets in Scotland and highlights the strength of the market for trading businesses of this nature.”
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The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution
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